Nov 03, 2023 9:35 am
Coinbase suspends staking services in Maryland
According to an email sent to affected users on November 2, Coinbase has stopped access to its staking services in Maryland, US.
Coinbase said affected users can no longer immediately invest additional funds and will cancel any funds pledged by users after June 5, including any accrued rewards. It also stated that these funds will be deposited into the user's main balance. Nonetheless, users will continue to receive rewards from any balances that remain staked, although these rewards will not be staked again, and users can also voluntarily request to unstake their rewards at any time.
The email states that the Maryland Securities Commissioner issued a preliminary cease and desist order regarding Coinbase’s staking services on June 6. In addition to the order, the agency launched a broader case against Coinbase. Coinbase participated in discussions with the Maryland Securities Division and said it must now adjust its services as the case progresses. (Cryptoslate)