ApeCoin suspends staking for Canada & US-based users
ApeCoin DAO decided to block its staking services under the influence of regulatory hurdles.
ApeCoin is an ERC-20 smart contract-based digital asset, which was issued by Yuga Labs. The basic aim of this coin is not more than a representation of the NFTs & Metaverse sector. Yuga Labs also launched a Metaverse platform “Otherside”.
Recently Apecoin team confirmed that they are suspending their staking services in the US, Canada, North Korea, Syria, Iran, Cuba, Russia, Crimea, Donetsk & Luhansk.
The team admitted that such steps will surely hurt many of the members of the Apecoin community but noted that it was the best decision by the team under the current regulatory environment.
In a discussion on this geo-blocking decision, a few Twitter users claimed that people will not leave staking until they have access to VPN, a tool that provides anonymity to internet users.
Staking services are an additional add on feature in the Proof-of-stake Consensus-based Cryptocurrencies, where a crypto holder can lock & earn yield through staking. The United States Securities and Exchange Commission (SEC) considers staking services as part of securities offerings.
Last month, Federal agencies started an investigation against the Yuga Labs team, whether they violated securities law or not.
ApeCoin price action
At the time of writing this article, the price of Apecoin is $3.42 and this price is 10% high over the last 7 days of trade.
This price graphical data is showing that ApeCoin (APE) didn’t face a significant downfall in price value because of this news.
Doge founder vs Apecoin
In the past, Billy Markus, founder of Dogecoin, criticised Apecoin (APE) concept and said that it may ruin the NFTs culture of the crypto sector.