Binance ends support on big tech companies’ stock tokens 

Binance has recently announced that it will officially cut its support on stock tokens so the platform and the company can focus on creating and releasing new product offerings. 

Immediately after its announcement, stock tokens have become unavailable on the crypto exchange platform’s website. 

In April this year, Binance introduced the stock tokens, which provide platform users an easy way to get shares on big companies usually listed on the traditional stock exchange. 

Juggernauts jump in 

After the introduction of stock tokens, some of the United State’s biggest companies have happily joined Binance’s platform. 

Since then, platform users have had the opportunity to have direct access to stock tokens of Tesla, Microsoft, Apple, Coinbase, and Microstrategy. The crypto exchange has partnered with investment company CM-equity AG to make this new venture possible. 

October 14 deadline

While stock token availability has been closed in the platform, Binance has given users an ultimatum of until October 14 at 19:55 Universal Time Controlled (UTC) to close their stock token positions. 

Binance said that after the deadline, stock token positions on the platform would be permanently closed. 

The crypto exchange giant also said that users who are living in European Economic Area and Switzerland can transfer their tokens on the CM-Equity AG portal. 

The crypto exchange company’s decision to stop its stock venture coincides with the growing regulatory issues it is currently facing in different parts of the globe. 

Binance is currently dealing with accusations from different governments that it is operating without any licenses in their countries. The United Kingdom is one of the latest countries to file charges against the company and ban it from operating. 

 

Image courtesy of Cointelegraph News/YouTube

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