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Major cryptocurrency exchange Binance will stop supporting tokenized stocks in October, according to a statement on its website. It said it is winding down trading in these digital assets to focus on other projects.
The platform will cease support on the evening of 14 October. Even now, tokenized stocks cannot be bought on Binance. Within the next 90 days, holders of such digital assets can sell or keep them, but after the deadline they will no longer be able to manage them. On October 15, positions will be forcibly closed at the actual price. This price may differ from the previous day's market price, Binance warned.
At the same time, residents of the European Economic Area and Switzerland will be able to transfer their tokenised shares to the special website of German investment company CM-Equity AG. The site is expected to open two to four weeks before 15 October and the company will require additional user identification measures, Binance said.
On July 16, the Hong Kong Securities and Futures Commission said that Binance is not licensed for "regulated activities" in the city, and therefore trading in securities without a permit could be considered a crime. The day before, a similar statement was made by the financial regulator in Italy, Reuters noted. It noted "unprecedented global pressure" on a major cryptocurrency exchange. Watchdogs in Japan, the UK and Germany had made statements before that, the agency added. In May, Bloomberg wrote, citing sources, that the US DOJ and IRS had launched an investigation into Binance.
source: wsj.com, reuters.com
The platform will cease support on the evening of 14 October. Even now, tokenized stocks cannot be bought on Binance. Within the next 90 days, holders of such digital assets can sell or keep them, but after the deadline they will no longer be able to manage them. On October 15, positions will be forcibly closed at the actual price. This price may differ from the previous day's market price, Binance warned.
At the same time, residents of the European Economic Area and Switzerland will be able to transfer their tokenised shares to the special website of German investment company CM-Equity AG. The site is expected to open two to four weeks before 15 October and the company will require additional user identification measures, Binance said.
On July 16, the Hong Kong Securities and Futures Commission said that Binance is not licensed for "regulated activities" in the city, and therefore trading in securities without a permit could be considered a crime. The day before, a similar statement was made by the financial regulator in Italy, Reuters noted. It noted "unprecedented global pressure" on a major cryptocurrency exchange. Watchdogs in Japan, the UK and Germany had made statements before that, the agency added. In May, Bloomberg wrote, citing sources, that the US DOJ and IRS had launched an investigation into Binance.
source: wsj.com, reuters.com
