CoinSpot Staking Guide

Can I Stake Crypto on CoinSpot?

No, CoinSpot does not support staking for Ethereum, Solana, or other proof-of-stake cryptocurrencies. The primary reason for this is the current regulatory uncertainty in Australia, particularly from the Australian Securities and Investments Commission (ASIC), regarding the staking of digital assets. Consequently, CoinSpot, along with other Australian crypto exchanges such as SwyftX and Independent Reserve, does not offer staking services.

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How to Stake Crypto with a CoinSpot Alternative

To stake crypto assets in Australia without using CoinSpot, investors need to use global exchanges that cater to Australian users. Bybit is a reputable option, offering over 1,200 cryptocurrencies and more than 50 tokens with staking features, including ETH, SOL, and stablecoins like USDT.

Here’s a simple guide to get started:

1. Sign up and Verify: Visit Bybit and create an account by completing the identity verification process.
2. Deposit Tokens: Transfer your crypto assets from CoinSpot to Bybit.
3. Access Staking: Navigate to Bybit’s staking page and select the asset you wish to stake.
4. Stake Tokens: Enter the amount of tokens to stake and complete the transaction. You can withdraw your assets at any time.

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Will CoinSpot Support Staking Services?

It is uncertain if or when CoinSpot will support staking services. The decision largely depends on how the Australian Securities and Investments Commission (ASIC) classifies staking and whether it requires Australian exchanges to obtain an Australian Financial Services License (AFSL). 

Until regulatory clarity is achieved, users should consider registering with global platforms like Bybit or Binance, or staking directly on-chain using popular protocols such as Lido for ETH or Jito for SOL.

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What Happened to CoinSpot Earn?

CoinSpot suspended its Earn feature on September 1, 2023, due to regulatory changes in Australia. To comply with regulators, all assets and rewards from the Earn Program were returned to users' wallets on that date.

CoinSpot is in discussions with regulatory bodies and aims to reintroduce the Earn Program in the future. For questions, users can contact CoinSpot’s support team.

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About CoinSpot

CoinSpot is Australia's largest cryptocurrency exchange that was founded in 2013 and now boasts of 2.5 million customers. The platform is well regarded for supporting over 470 cryptocurrencies and a suite of user-friendly features such as instant trading, low fees on market orders and an OTC desk for institutional clients. It is one of the most secure exchanges in the country with offline asset storage and ISO 27001 certification.

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Bottom Line

CoinSpot currently does not support staking due to regulatory uncertainties in Australia. While it remains unclear if or when this will change, investors can use global platforms like Bybit or Binance for staking services. CoinSpot suspended its Earn feature in compliance with regulatory requirements but aims to reintroduce it in the future.