NewsletterBinance Discontinues Stock Token Services
The largest exchange, Binance announced today that the purchase of stock tokens will be discontinued on the platform post-October 14th, i.e., within the next 90 days. Investors have been advised to clear their stock token accounts before the said timeline. Binance stock tokens included big names like Tesla, Coinbase, Microsoft, and Apple.
“we will be winding down support for stock tokens on Binance.com to shift our commercial focus to other product offerings. Effective immediately, stock tokens are unavailable for purchase on Binance.com, and Binance.com will no longer support any stock tokens after 2021-10-14 19:55 (UTC).”, Binance announced in a blog post.
EEA investors to transfer to CM-Equity AG portal
Binance also announced that the investors in the European Economic Area (EEA) can transfer their stock token funds to the CM Equity AG website. CM-Equity AG is developing a portal for EEA and Switzerland investors to transfer their stock token balances onto their website and convert the same into CM-Equity AG once its new portal is established. The CM-Equity AG portal will start operating a few weeks before the Binance stock tokens service completely shuts down.
“The portal is scheduled to be open approximately two to four weeks before 2021-10-15 (UTC), and additional KYC measures will be requested by CM-Equity AG to complete the transition.”
Binance’s stock token trouble in Europe
Where on one hand, Binance stock tokens were provided by German companies; on the flip side, the German financial regulator, BaFin had alerted Binance of regulatory restrictions. BaFin warned the exchange that upon failure of complying with the state’s regulations, Binance may face regulatory consequences.
Similarly, UK’s watchdog, Financial Conduct Authority (FCA) stated that they had been working with Binance to understand stock tokens and the regulations that may apply to it, along with how it is marketed.
Binance’s regulatory trouble extended to the eighth country in the form of Hong Kong earlier today. The Securities and Futures Commission of the country said the world’s largest crypto exchange is not permitted to offer any service in the country.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Bitcoin Stalls Ahead of FOMC as Analyst Van de Poppe Sees No Break Until Tuesday
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
