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Binance to End Support for Stock Tokens
The crypto exchange said that stock tokens are unavailable for purchase on its website effective immediately.
Updated Sep 14, 2021, 1:26 p.m. Published Jul 16, 2021, 9:51 a.m.
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Crypto exchange Binance said it will no longer support tokens linked to stocks barely three months after it made them available on its trading platform.
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Binance announced Friday that stock tokens are unavailable for purchase on its website effective immediately and support for such tokens will end on Oct. 14, with all positions closed the following day.
The embattled exchange said the move will allow it to focus on other products.
Binance introduced its stock token service in April, enabling customers to buy fractions of shares in companies, starting with Tesla and followed quickly by Coinbase. MicroStrategy, Microsoft and Apple were added shortly thereafter.
It did not take long for regulators to raise their eyebrows, with the financial watchdogs of the U.K. and Germany expressing concern in the following weeks.
The backlash against Binance has come to a head in recent weeks, with regulatory bodies around the world issuing warnings that the crypto exchange is not licensed to offer regulated services in their markets, including the U.K. and Japan.
The most recent warning came from Hong Kong, whose markets regulator announced today that Binance is not registered to operate in its jurisdiction.
CEO Changpeng "CZ" Zhao addressed Binance's woes in an open letter July 7, calling compliance a "journey" and spoke of the need for "clearer regulatory frameworks" in response to the wider adoption of crypto.
Binance users in the European Economic Area and Switzerland who have bought stock tokens can migrate them to a new platform being built by CM-Equity AG, the German investment firm Binance worked with in the stock token venture.
The new platform is expected to open several weeks before the October deadline.
Read more: State of Crypto: Binance Is Firmly in the Regulatory Crosshairs
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