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Cryptocurrency exchange Binance has announced that it is ending support for stock tokens on its main trading platform.
Binance says that by immediately stopping purchases of stock tokens, it can focus on “other product offerings.”
“Today we are announcing that we will be ending support for exchange tokens on Binance.com in order to shift our trading focus to other product offerings. As of today, tokens from shares are not available for purchase on Binance.com.
Binance introduced stock tokens in early April, which allow users to access shares of companies listed on traditional exchanges.
The global crypto exchange started with electric car maker Tesla (TSLA) and then added the stock tokens of software companies MicroStrategy (MSTR) and Microsoft (MSFT), iPhone maker Apple (AAPL) and Coinbase crypto exchange (COIN). Binance introduced token trading in partnership with investment firm CM-Equity AG.
Binance says users have until October 14 at 7:55 p.m. in Coordinated Universal Time (UTC) to voluntarily close their token positions.
“Users will no longer be able to sell or manually close their positions after 2021-10-14 19:55 (UTC). Thereafter, all stock token positions on Binance.com will close on 2021-10-15 13:30 (UTC). “
Exchange users who reside in the European Economic Area and Switzerland will be able to migrate their exchange tokens to a CM-Equity AG portal which will become operational weeks before the mid-October deadline.
“The portal is expected to be open approximately two to four weeks before 2021-10-15 (UTC), and additional KYC (know your customer) metrics will be requested by CM-Equity AG to complete the transition. “
Binance’s decision to withdraw support for exchange tokens coincides with the growing regulatory pressure the exchange is facing. In June, the UK’s Financial Conduct Authority announced that Binance Markets Limited was not authorized to operate in the UK.
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Featured Image: Shutterstock / Mia Stendal
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