Wednesday, March 22, 2023

Kraken shuts US crypto staking

By DAC000 , in Regulation , at February 10, 2023 Tags:

services with immediate effect, pays $30M fine to US regulators. About a one minute read.

Comment: Ok, once again I will break from the orthodoxy and suggest this is a good thing. For far too long staking services have been the badlands of crypto. Sure, you could pick up yields of 7,000% or so (as I did in 2021 as an experiment, FFN deets below) but a startlingly large number of these deals ended in a rug pull (not that I’m suggesting Kraken would do this, anything but, solid exchange) so we do need some degree of regulation. Sorry, too many bad actors in the space.

My 7,000% yield experiment