April 13, 2023

Kraken Withdraws All Staked Ethereum Amid SEC Pressure

Kraken Withdraws All Staked Ethereum Amid US SEC Pressure

We at Kraken have recently announced the withdrawal of all staked Ethereum (ETH) in response to the recent US Securities and Exchange Commission’s (SEC) enforcement action against Ripple.

Following this announcement, the company had put a pause on the deposits and withdrawals of ETH. However, Kraken has now resumed those services, but has taken the precautionary step of withdrawing all staked ETH.

In a blog post from Coinbase, John Ottenstein, Director of Compliance at Kraken commented that “Earlier this week we announced plans to pause deposits and withdrawals for ETH as a result of guidance we received from the SEC’s enforcement action against Ripple. After further review, we decided to take the precautionary step of withdrawing all staked Eth from our cold wallets. We did this to ensure that our users’ funds are safe and secure during this period.”

Kraken is one of many exchanges that paused their ETH transactions due to the SEC action against Ripple. However, they have since resumed their trading services and withdrawals, but have withdrawn all staked ETH as a part of their ongoing commitment to ensure user safety and security.

This news comes in light of a recent SEC fines on Ripple Labs Inc., which is currently facing a number of legal issues related to its XRP token issuance and sale.

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