Crypto exchange Bitstamp is discontinuing staking services for customers based in the United States.
Crypto exchange Bitstamp will discontinue staking services for customers based in the United States. In a message shared with Cointelegraph, the exchange announced the ending of Ether staking as of Sep. 25.
"Customers will continue earning staking rewards up until September 25, 2023, and after that, all staked assets will be unstaked. Rewards, along with the principal, will be credited to users’ main Bitstamp account balances," said Bobby Zagotta, U.S. CEO and global chief commercial officer at Bitstamp, warning that it could take a few days for users' balances to reflect the changes.
According to Bitstamp's website, it charges a 15% commission on all staking rewards. The monthly reward rate for staking ETH on the exchange is 4.50%; by comparison, the monthly reward for staking Algorand is 1.60%. With the move, the United States joins other countries where Bitstamp staking services aren't available, including Canada, Japan, Singapore and the United Kingdom.
The decision appears to be related to recent legal developments in the United States. In early August, Bitstamp
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