The U.S. Securities and Exchange Commission ordered rival exchange Kraken to end its crypto staking services in exchange for paying a $30 million settlement, causing the stock of the leading U.S. cryptocurrency exchange Coinbase (COIN) to experience its biggest daily loss in seven months.

Coinbase makes a substantial profit from its cryptocurrency staking services, and the SEC is purportedly cracking down on such services, which is why COIN's value has decreased.

COIN had a 14.13% decline as of the time of writing, closing the day at $59.63 from its opening price of $68.51 on Thursday.

When Coinbase was under investigation by the SEC for its cryptocurrency listings in July, it was the last time the stock had such a significant fall on a trading day.

The agency looked into whether the exchange let American users to trade cryptocurrency tokens that were supposed to be securities but weren't.

Great! You’ve successfully signed up.
Welcome back! You've successfully signed in.
You've successfully subscribed to Coin Aquarium.
Your link has expired.
Success! Check your email for magic link to sign-in.
Success! Your billing info has been updated.
Your billing was not updated.