Kraken Settles With SEC for $30 Million and Will Close US Crypto Staking Operations

Then-Commodity Futures Trading Commission Chairman Gary Gensler testifies before the Senate Banking, Housing and Urban Affairs Committee in the Dirksen Senate Office Building on Capitol Hill in Washington, D.C., on July 30, 2013. Chip Somodevilla/Getty Images

The Securities and Exchange Commission (SEC) settled a case with the cryptocurrency exchange Kraken, as it cracked down on one of its U.S. operations.

Kraken agreed to shut down its cryptocurrency staking service and paid a $30 million fine to settle charges that it failed to register the offer or sale of the program, the SEC announced on Feb. 9.