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Kraken With sec for million agrees
The Securities and Exchange Commission (SEC) has charged Payward Ventures, Inc. and Payward Trading Ltd., both commonly known as Kraken, with failing to register the offer and sale of their crypto asset staking-as-a-service program. The program involved investors transferring crypto assets to Kraken for staking in exchange for advertised annual investment returns. The SEC alleges that Kraken offered and sold its crypto asset staking services to the public without proper disclosures and safeguards required by securities laws.
To settle the charges, Kraken agreed to immediately cease offering or selling securities through crypto asset staking services and pay $30 million in disgorgement, prejudgment interest, and civil penalties. The SEC also obtained a final judgment, subject to court approval, that would permanently enjoin Kraken from violating Section 5 of the Securities Act of 1933 and permanently enjoin them and any entity they control from offering or selling securities through crypto asset staking services or programs.
The SEC’s action was taken to protect retail investors and make it clear to the marketplace that staking-as-a-service providers must provide proper disclosures and safeguards. Kraken’s staking program was considered unregistered and offered investors outsized returns without proper insight into financial condition and the means to pay returns.
Why is Kraken ending staking?
Kraken agreed to pay a $30 million penalty to settle charges that it failed to register a cryptocurrency staking service with the U.S. Securities and Exchange Commission. The move could cause headaches for platforms with similar offerings.
Is Kraken good for staking?
Kraken is among the top staking service providers, representing one of the largest shares of staked ether. Behind Lido’s commanding 29% and Coinbase’s more modest 13%, Kraken’s staking services are in high demand.
Is Kraken a good staking platform?
Kraken is a great choice for new and experienced cryptocurrency investors and traders. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC), which means that your assets may not be protected if the exchange goes bankrupt.
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