2023-08-24 16:58:48
Bitstamp, one of the cryptocurrency exchanges with the longest operating historyhas decided to discontinue its Ethereum (ETH) staking program for US users.
According to a announcement of Bobby Zagotta, CEO and Global Commercial Director of Bitstamp, the cessation of service by the exchange will begin on September 25, 2023. Until that dateclients will continue to earn staking rewards, and after that, all staked assets will be released.
Therefore, the rewards and staked amount will be credited to users’ main accounts on Bitstamp. Bobby also mentioned that the process will take a few days, but it may take longer if they experience a network delay.
BITSTAMP AFFIRMS ITS DEDICATION To Compliance
Although US users will no longer have access to Bitstamp’s Ether staking program, the exchange remains committed to providing a safe and compliant trading experience for everyone. It is important to note that Bitstamp’s decision does not signal a withdrawal from its overall commitment to the cryptocurrency space.. Instead, it reflects a strategic realignment driven by the dynamic regulatory landscape.
Having established itself as a pioneer in the field of digital asset trading, Bitstamp’s decision to end its Ether staking program for US clients is generating a lot of interest. This initiative allowed users to earn rewards by participating in the validation of transactions on the Ethereum (ETH) blockchain.
Consequently, the closure of the US staking program highlights the evolving regulatory environment surrounding cryptocurrencies in the country. As regulatory frameworks continue to take shape, exchanges and staking platforms are challenged to adapt and align their offerings with these evolving guidelines.
CONSEQUENCES OF THE SEC’S REPRESSION ON CRYPTOCURRENCY STAKING
As a result of the US Securities and Exchange Commission (SEC) crackdown on Kraken, one of the people behind Lido Finance, the most prominent DeFi staking app, has warned of a new set of repercussions for pricing providers. similar services.
Bitstamp had previously announced that the platform would stop trading seven cryptocurrencies, including Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), Near (NEAR), The Sandbox (SAND), and Solana ( SOL) for US customers. All of these assets have been labeled as unregistered securities by the regulator in its lawsuit against major cryptocurrency exchanges.
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