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Cryptocurrency Exchange Binance to Stop Support for Stock Tokens

July 16, 2021, 12:19 PM

Binance Holdings Ltd. is phasing out support for stock tokens just a few months after the cryptocurrency exchange started to offer the product.

The products, which were launched in April and are issued and sold by CM-Equity AG, are tokenized versions of stocks like Apple Inc., Tesla Inc. and Coinbase Global Inc. Hong Kong’s Securities and Futures Commission said Friday that it considers the tokens securities and that no Binance affiliates are licensed or registered to conduct “regulated activity” in Hong Kong.

Stock tokens attracted concerns almost immediately. A report just a couple of weeks after the launch from CoinDesk ...