Kraken Fined By SEC For Staking Program – February 10

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$21,637

Bitcoin price has continued to slide, currently sitting well below the $21,000 mark as we come to the end of the week.

Top-20 altcoins have also dropped further, as Ether suffers a 6% drop, BNB falls 3% and Cardano slides 6%.

Top Stories for February 10, 2022 🔥

👉 Kraken Fined By SEC For Staking Program, Gensler Warns Industry Of Further Action

The Securities and Exchange Commission (SEC) has fined crypto exchange Kraken $30 million over its staking program, which it claims offered unregistered securities to US customers.

SEC chair Gary Gensler has also issued a broad warning to the crypto sector, seemingly implying that any platform providing staking-as-a-service will be met with action from the agency.

In addition to the fine, Kraken has also agreed to shut down staking services for its US user base – with Ethereum staking to unwind after Ethereum’s Shanghai upgrade.

👉 PayPal Held Over $600M Of Crypto For Customers EOY 2022

PayPal reported holding $604 million worth of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for its customers as of end of year 2022, in its annual report to the SEC.

Almost 90% of the amount was divided between Bitcoin ($291 million) and Ethereum ($250 million), while the remaining $63 million was made up of Litecoin and Bitcoin Cash.

The company has been allowing customers to buy and sell cryptocurrencies since October 2020 and has allowed its users to withdraw coins from the platform to external wallets as of June 2021.

👉 Paxos Becomes Latest Crypto Company Under US Investigation

Paxos Trust Company, the issuer of Binance USD (BUSD) is reportedly being investigated by the New York Department of Financial Services (NYDFS).

The exact reason behind the probe is unclear, but the NYDFS claims to be working to protect consumers from the risks associated with investing in the cryptocurrency market.

Paxos has issued BUSD, a stablecoin backed by the US Dollar, since its partnership with Binance in 2019. It is the third largest stablecoin with a market cap of over $16 billion. The company recently refuted rumors that the US Office of the Comptroller of the Currency may order the company to withdraw its application for a full banking charter.