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ApeCoin Suspends Staking For Canada & US-based Users

Babylon Finance Decides To Shut Down The Project

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ApeCoin DAO decided to block its staking service due to regulatory hurdles.

ApeCoin is an ERC-20 smart contract based digital asset published by Yuga Labs. The basic goal of this coin is just to represent the NFT and Metaverse sector. Yuga Labs also released the Metaverse platform “Otherside”.

Recently, the Apecoin team confirmed that they are suspending their staking services in the United States, Canada, North Korea, Syria, Iran, Cuba, Russia, Crimea, Donetsk and Luhansk.

The team acknowledged that such actions will certainly hurt many members of the Apecoin community, but stated that it was the best decision the team made in the current regulatory environment.

In the discussion about this geo-blocking decision, a few Twitter users argued that people will not stop betting until they have access to a VPN, a tool that provides anonymity to Internet users.

Staking services are an additional feature of Proof-of-stake Consensus-based cryptocurrencies, where the crypto holder can lock and earn income by staking. The US Securities and Exchange Commission (SEC) considers betting to be part of the offering of securities.

Last month, federal agencies opened an investigation into the Yuga Labs team over whether or not they violated securities laws.

ApeCoin price action

At the time of writing this article, the price of Apecoin is $3.42 and this price is 10% high in the last 7 days.

ApeCoin will suspend staking in Canada and the US on the 1st

This graphical price data shows that ApeCoin (APE) did not face a significant price drop due to this news.

Doge founder vs Apecoin

Previously, Dogecoin founder Billy Markus criticized the Apecoin (APE) concept, saying it could ruin the crypto sector’s NFT culture.

Also read: Bitcoin and Ethereum, like cryptocurrencies, are not securities in Belgium

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

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