Crypto Exchange Binance To Terminate Support for Stock Tokens

Digital asset exchange Binance recently said that it is stopping support for purchasing tokens linked to stocks hardly 3 months subsequent to starting them.

The exchange declared Friday that stock tokens are unavailable for buy on its website effective immediately, and support for the aforementioned tokens will culminate on 14th October, with all positions closed the ensuing day.

The embattled virtual asset exchange mentioned that the decision had been made to permit it to focus on other products.

Notably, the exchange started its stock token service in the month of April, permitting customers to purchase fractions of shares in firms, beginning with Tesla and followed swiftly by Coinbase. Apple, MicroStrategy, and Microsoft were added soon after that..

It did not take long for financial watchdogs to raise their eyebrows, with the regulator of the United Kingdom and Germany both indicating concern in the succeeding weeks.

The users of the exchange in the European Economic Area and Switzerland who have purchased stock tokens have the option of moving them to a new platform being set up by CM-Equity AG, the German investment firm Binance partnered with in this venture.

The aforementioned platform is anticipated to begin a couple of weeks before the October deadline.