ApeCoin Blocks North American Users from Upcoming APE Staking Product

In its latest project update, ApeCoin has revealed details about the upcoming launch of ApeStake.io – a platform where users can stake APE tokens to earn rewards. Participants will be able to start earning rewards a week after the launch on December 12, 2022.

However, the announcement includes a notable restriction that affects users in certain regions. Specifically, ApeCoin staking services will be unavailable in the U.S., Canada, Syria, Iran, Cuba, Russia, Crimea, Donetsk, and Luhansk.

“We understand that the decision to block users in North America and certain other regions is inconvenient for many members of the ApeCoin community. Unfortunately, given today's complex regulatory environment, we don’t have a better alternative.”

The move by the ApeCoin team is understandable from a strategic standpoint, as staking products are currently under intense scrutiny from U.S. securities regulators, alongside the lending sector.

Additionally, the U.S. Securities and Exchange Commission (SEC) has initiated an investigation into Yuga Labs for potential securities law violations. The agency suspects that certain NFTs, including the Bored Ape Yacht Club (BAYC) and ApeCoin, might be classified as securities.

While ApeCoin is blocking direct access to its staking website from certain regions, the project notes that anyone can technically interact with the smart contract.

“We want to remind the community that one of the benefits of decentralized finance is that anyone can interact with the smart contract or develop client applications and interfaces that allow users to engage with the smart contract.”