Anvesh Reddy
Kraken SEC Settlement News: The crypto market is in the danger of facing an imminent crash due to back to back shock news effect. According to latest reports, the exchange entered into a settlement with the U.S. Securities and Exchange Commission (SEC) by agreeing to close down its crypto staking service. It appears that things moved fast between both the parties after it was earlier stated that a settlement could be reached in the ‘coming days’. Kraken is currently facing an SEC probe into whether it offered unregistered securities.
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Crypto Market Reacts To Kraken SEC News
Meanwhile, the cryptocurrency market is dumping heavily in reaction to the Kraken SEC settlement news. In a very short span of time, Bitcoin (BTC) lost around $600 value down to the $22,000 level now. As of writing, BTC price stands at $22,025, down 3.75% in the last 24 hours. Reports said that SEC could officially announce the settlement news in the coming hours. It remains to be seen if the crypto price will dip further to the announcement.
On the other side, major crypto exchange Binance said it was temporarily halting US dollar deposits and withdrawals. This led to speculation about the exchange’s challenged with the banking partners in the United States. The company said in a statement it was working to restart service as soon as possible.
Also Read: LocalBitcoins To Close Service, Crypto Community Distraught
Crypto Staking – SEC’s Target?
Much has been talked about around crypto staking as a service after Coinbase CEO Brian Armstrong stating that the SEC was about to place a ban staking. He said rumors were around that the SEC was planning to ban crypto staking for retail investors. The latest news of Kraken offering to close down its staking service only reiterates the SEC’s intentions.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
