Summary
- Bitstamp will be putting a stop to all staking services by the 25th of September.
- Other services will continue to be offered without any designation from the SEC
Bitstamp is one of the longest-serving crypto trading platforms in the world. It has decided to put an end to all staking services to clients in the USA. Bobby Zagota, the National CEO made the announcement mentioning that the Ethereum staking services will no longer be offered.
He continued by saying that all assets would become lose their staking rights after the 25th of September. The rewards and the Ether that was staked will be credited to the Bitstamp account owners. He finally confirmed that this process would take a few days and would depend on the network.
Also Read: Singapore’s New Crypto Regulations Aiming At Custody, Lending, And Staking
Bitstamp Efforts To Stay On Track
The above initiative comes after the realization that many financial platforms are striving to be on the right path of the law. It is worth noting that a few regulatory firms such as the SEC are pressuring firms to stay on the right track.
Bitstamp has agreed to continue offering other services so long as the SEC does not impose designation of securities. They have not been victims of the SEC and they are striving to keep it like that.
Many firms such as Kraken have fallen victim to the SEC after it called out the firm for offering staking services that were considered an unregistered security. Kraken ended up stopping the services after paying $30 million. Coinbase Global has also stopped offering such services.
Also Read: Kraken Began Withdrawing All Staked Ethereum (ETH) Following US SEC Pressure
Discussion about this post