Coinbase to suspend staking in four US states

Coinbase_2-min
Coinbase_2-min

Cryptocurrency exchange Coinbase has notified customers in California, New Jersey, South Carolina, and Wisconsin that it is suspending its staking service due to local regulatory requirements.

Users have lost the ability to deposit additional assets under this service. Funds already placed will not be affected by the decision.

The platform promised to provide more information regarding the expected changes in the coming weeks at state help centers.

In other regions of the United States, the service works without changes.

June 6 SEC filed a civil lawsuit against Coinbase. The commission accused the exchange of an unregistered offer of securities in the form of a number of tokens.

The agency also targeted the Coinbase Earn staking program.

On the same day, ten state regulators made similar claims regarding the latter. In addition to the above, the list includes the Maryland, Vermont, Kentucky, Illinois, Alabama and Washington Securities Commissions.

“We strongly disagree with any claims that the staking service is an offering of securities. But we will fully comply with advance executive orders where necessary, even if it happens before we have a chance to protect ourselves.” – said the representatives of the exchange.

Recall that Coinbase refused to change the business model due to the SEC lawsuit.

Earlier, ForkLog reported a decrease in the share of the cryptocurrency exchange in the Ethereum staking market amid pressure from US regulators.

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