Binance Ends Stock Token Support Immediately Following Additional Regulatory Crackdowns

It appears that Binance is finally waving the white flag. The company this morning issued a statement indicating that it is “ceasing support for stock tokens.” The halting of the tokens follows a global regulatory crackdown being experienced by the firm, with the Hong Kong Securities and Futures Commission the latest to indicate that the company is not licensed or regulated in the city.

Hong Kong is just the latest in a series of regulatory agencies that have cracked down on binance for its stock tokens, with recent jurisdictions including Thailand, Italy, the United Kingdom, and the Province of Ontario, Canada, among others. The regulator effectively warned that the sale and distribution of such tokens in the city requires a license, with the move evidently being the final straw for the crypto exchange.

In its statement this morning, Binance commented that it is “continually evaluating our products and working with our partners to meet our users’ needs.” As a result, the company indicated that it is halting support for its stock tokens as it looks to focus on other product offerings. The changes are effective immediately, with support to entirely disappear by October 14.

“Today, we are announcing that 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).”

The firm commented that users may either sell or hold such tokens over the next 90 days, after which they will no longer have the ability to manually sell or close positions, with all such positions being closed out the following day.


Information for this briefing was found via Binance. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Bitcoin Investor Must Hand Over Keys to $124 Million Crypto Cache

A federal judge has ordered an Austin Bitcoin investor to surrender passcodes to unlock cryptocurrency...

Thursday, January 9, 2025, 02:07:00 PM

Is Crypto Booster Ted Cruz Violating Disclosure Laws?

Bitcoin makes Senator Ted Cruz’s eye twinkle.  The Republican from Texas on Wednesday spoke at...

Monday, May 1, 2023, 04:33:00 PM

Fisker Inc Reports First Quarter Loss, Will Not Accept or Invest in Bitcoin

Shares of Fisker Inc were in peril on Monday, after the EV startup reported dismal...

Tuesday, May 18, 2021, 11:46:00 AM

JPMorgan Prepares to Launch Bitcoin Fund for Wealthy Clients

JPMorgan, which up until recently has distanced itself from cryptocurrencies, has suddenly decided to reverse...

Monday, April 26, 2021, 05:39:46 PM

The Crypto Family Feud: Binance Is Acquiring FTX After All

In a bizarre development that would make crypto Twitter wonder if the feud was just...

Tuesday, November 8, 2022, 12:04:59 PM