Coinbase faces legal challenge in Maryland over its staking services

Coinbase, one of the worlds largest crypto exchange, has suspended its staking services for US state of Maryland residents. The exchange was served a cease and desist order issued by the Maryland Securities Commissioner on June 6, 2023. The order targets specific aspects of Coinbase’s staking services. It also signals the start of a legal battle between the company and state regulators. Coinbase was also engaged in a legal battle with the U.S. Securities Exchange Commission (SEC). Since the issuance of the order, Coinbase has been engaged in ongoing discussions with the Maryland Securities Division. According to an email sent to its customers, Coinbase should making modifications to its staking services for Maryland users.

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