The Securities and Exchange Commission has reached a $30 million settlement with the cryptocurrency platform Kraken that will force it to unwind a program offering investment returns to US users who committed their digital assets to the company.
That practice, known as “staking,” reflected an unregistered offer and sale of securities, the SEC alleged in a complaint announced Thursday.
According to the SEC, Kraken failed to adequately disclose the risks of participating in the program, which had a total pool of assets worth more than $100 million.
Kraken has agreed to a $30 million dollar settlement with the Securities and Exchange Commission for their unregistered securities offering.
The program, known as “staking”, allowed users to commit their digital assets in return for investment returns. The SEC alleges that Kraken failed to disclose the risks associated with the program, which