Cryptocurrency exchange Coinbase has ceased its staking services in Maryland after the state government’s opposition delisting order.
Coinbase has sent a letter to its users within Maryland, writing that they will no longer be able to use staking services on its exchange platform from November 2. The move follows the Maryland Securities Commissioner’s previous ceasing order, which was released in June 2023 as a part of initiating a case against Coinbase.
Coinbase stated that it has been in discussions with the Maryland Securities Division since the Security Commissioner’s order, and it will be making changes to its product offerings in the state as the case proceeds further. While Coinbase is “committed to compliance,” it has currently put a halt on the staking services it offers.
The news was shared by a Reddit user who shared Coinbase’s email on the popular crypto subreddit r/CryptoCurrency.
“We strongly disagree with the Division’s view of Coinbase’s retail staking services under Maryland’s securities law,” said Coinbase, adding, “The order from Maryland is not a final adjudication of the legal issues.”
According to the email, all existing users’ staking—those who have staked after June 5—will be unstaked in the coming weeks, and funds will be moved to their primary wallets. The staked assets will continue to receive stalking rewards until they are manually unstaked by Coinbase or the users themselves.
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