• South Korean financial authorities have announced plans to examine cryptocurrency staking services in the region.
• The move follows the SEC’s recent crackdown on U.S. exchange Kraken for offering unregistered securities.
• Paxos, issuer of Binance-branded stablecoin BUSD, has been issued a Wells Notice by the SEC for selling and listing unregistered security.
Regulatory Scrutiny Intensifying
The crypto industry has expressed concerns as regulatory scrutiny continues to intensify. In today’s news, South Korean financial authorities have disclosed plans to examine cryptocurrency staking services in the region.
SEC Crackdown On Kraken
This regulation implementation comes shortly after the crypto exchange Kraken’s case with the U.S. Securities Exchange Commission (SEC), whereby the U.S. regulator cracked down on the company’s staking program accusing the exchange of violating securities law.
South Korea Follows Suit With SEC Crypto Staking Regulations
Unlike the SEC, which targeted a specific cryptocurrency exchange that issued the staking services, the Korean regulator is more focused on examining national staking services without giving further details on timeline and methods yet. This move is said to affect some legislative decisions regarding digital assets in South Korea.
SEC Crackdown Over The Past Week
Over the past week, the SEC has been rampaging against big digital asset industry players like Paxos — BUSD issuer— issuing them Wells Notices for selling and listing unregistered security such as BUSD and other assets fit with this concept resulting in halting distribution of BUSD temporarily this Monday morning .
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