Today, two subsidiaries of Kraken announced settlements with the US Securities and Exchange Commission (SEC) regarding Kraken’s on-chain staking program. Due to this settlement, Kraken has agreed to end its on-chain staking services for US customers.
Starting today, Kraken will automatically delist all US customer assets enrolled in the on-chain staking program. These assets will no longer earn staking rewards. This applies to all staked assets except staked ether (ETH), which will be unstaked after the Shanghai upgrade. US customers will not be able to stake any additional assets, including ETH.
Kraken will continue to provide staking services for non-US customers through a separate Kraken subsidiary.
What does this mean for existing staking customers in the US?
US customers will not be able to stake new assets. Non-ETH assets that are already staked will automatically be unstaked. These assets will be returned to the customer’s Spot Wallet and will no longer earn rewards. Kraken will prorate the final rewards by February 9th. These prizes will not be staked. Instead Kraken will pay out rewards in their non-stakeholder form. All staked ETH will become unstaked after the Shanghai upgrade and will continue to earn rewards until then. There will be no change to the payout structure until after the Shanghai upgrade, when ETH will be unstaked.
Staking services for non-US customers will continue uninterrupted. Non-US customers can continue to stake and remove assets, as well as automatically earn and stake rewards as usual.
For more information, please review our updated Terms of Service or contact Kraken Support.
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