Binance started trading in Stock Tokens only about three months ago, but it was clear from the beginning that European regulators did not like this activity.
Binance came under the scrutiny of European regulators already after the first week, and the UK’s Financial Conduct Authority and the German watchdog BaFin were among the first to draw attention to this activity.
Although Binance initially argued that their stock tokens are a CM-Equity product, which is in full compliance with the EU’s Mifid II markets rules and BaFin’s banking regulations, this is no longer the case today.
Binance today released an official report announcing that it is ending support for stock tokens, and those interested in continuing to trade must wait for the CM-Equity AG portal.
The crypto exchange also added that the launch of this portal is scheduled for approximately autumn, with CM-Equity AG requesting further verification of KYC.
Lately, this does not look the best with Binance, as evidenced by other reports. One of them is, for example, yesterday's report from the government authority of Italy (CONSOB), which pointed out that Binance is not authorized to provide investment services and activities in Italy.