• South Korean financial authorities have disclosed plans to examine cryptocurrency staking services in the region.
• This comes shortly after the US Securities Exchange Commission (SEC) cracked down on Kraken’s staking program for violating securities law.
• The SEC also recently issued Paxos – BUSD issuer – a Wells Notice for selling and listing unregistered security.

South Korean Regulator to Examine Crypto Staking Services

The South Korean financial authorities have revealed plans to examine cryptocurrency staking services in the region. This is a response to the recent crackdown by the U.S. Securities Exchange Commission (SEC) on Kraken’s staking program, which was accused of violating securities law.

Kraken Case with SEC

Last week, the crypto exchange Kraken was charged by the SEC for failing to register its staking-as-a-service program. In response, Kraken agreed to cease operations immediately and settle with the SEC with a $30 million fine for disgorgement, prejudgment interest, and civil penalties.

SEC Crackdown on BUSD

The SEC has further targeted Binance’s second largest stablecoin asset – BUSD – this week when it issued its issuer Paxos a Wells Notice for selling and listing unregistered security. As a result of this news, distribution of BUSD had been halted temporarily and depeged early Monday morning.

Impact of Regulatory Scrutiny

The increasing regulatory scrutiny has caused concern among players in the crypto industry as well as disruption within stablecoins markets such as BUSD’s case mentioned above.. It is expected that these legislative decisions will affect some national staking services more than exchanges like Kraken’s case did last week .

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