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Binance Suspends Tokenized Stock Products

Binance burn $400 million worth of BNB
Binance burn $400 million worth of BNB

Binance Suspends Tokenized Stock Products.

The number one cryptocurrency exchange has ended Tokenized stock products.

Binance stated  that it is putting an end to its stock token product. This arrives days after Italian regulators joined the league of financial caretakers to bring down the platform.

Binance stated on its website;

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).

WHY TAKE THIS ACTION

The stock token platform was initiated by the cryptocurrency exchange in April, whereby customers could buy amounts of shares in companies.

Recently, Binance has been facing a lot of regulatory issues.The number one exchanges latest battle with financial watchdogs came from Italy. Italy’s market regulator stated yesterday that Binance was not authorized to provide investment services and activities in Italy, even via its main website which has offered information in Italian on derivatives and stock tokens.

Binance Suspends Tokenized Stock Products.

Nevertheless, the move of Binance has shown a goodwill for the Exchange, as they show commitment and compliance to regulatory bodies.

The company has been submissive to regulatory bodies even to individuals, efforts are made in making trading via their platform easy.

Recently they initiated a new feature on their futures trading called MULTI-ASSETS MODE.

Meanwhile, At the Binance 4th Anniversary, the CEO of Binance, Changpeng Zhao, popularly known as CZ, noted that Binance has increased its compliance team by 500% so far in 2021 and is looking to increase the company’s compliance capacity by another 1000% before the end of the year.

Source:nairametrics

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