The U.S. Securities and Exchange Commission’s (SEC) probe on the crypto exchange Kraken pushes the South Korean regulators to investigate crypto staking services in the country.
According to a local news report, the South Korean authorities will evaluate local services because crypto-staking services are being probed abroad. The timeframe of their inquiry was not made public.
Recently, SEC raged on Kraken for offering unregistered securities. Later, Kraken agreed to end its offering or selling securities through crypto staking services or staking programs and pay a $30 million settlement to the SEC.
This settlement is a curse upon all other crypto firms as it is now easy for the SEC to target them in the name of unregistered securities. Users will be pushed into DeFi systems as a result of the SEC’s investigations.
