TechFlow news — According to an email sent on November 2 to affected users, Coinbase has suspended access to its staking services in Maryland, USA.
In a copy of the email shared by TheCryptoTengu.eth, Coinbase stated that affected users can no longer deposit additional funds immediately, and any staked assets after June 5—including accrued rewards—will be unstaked. These funds will be returned to users' primary balances.
Coinbase noted that users will continue to earn rewards on any balances still staked, although these rewards will not be restaked automatically. Users may also voluntarily request to unstake their rewards at any time. The email indicated that the Maryland Securities Commissioner issued a preliminary cease-and-desist order regarding Coinbase’s staking services on June 6. In addition to this order, the agency has initiated a broader enforcement action against Coinbase.
Coinbase stated it has engaged in discussions with the Maryland Division of Securities and must now adjust its services as the case proceeds. However, it disagrees with Maryland’s position on its staking services and emphasized that the order is not a final ruling.
