Binance Stops Selling ‘Stock Tokens’ Following Regulatory Scrutiny

 Binance Stops Selling ‘Stock Tokens’ Following Regulatory Scrutiny

Italy's market regulator recently said Binance was not authorised to provide investment services and activities in Italy.

The exchange said that Binance users holding stock tokens can sell or hold them over the next 90 days

HIGHLIGHTS

• The move comes after growing scrutiny of the exchange by regulators
• Stock tokens are digital versions of equities
• Binance was shifting its commercial focus to other product offerings

Major cryptocurrency exchange Binance said on Friday that users can no longer buy digital tokens linked to stocks, a day after Italian regulators joined a string of financial watchdogs to crackdown on the platform

"Effective immediately, stock tokens are unavailable for purchase on Binance," the exchange said on its website, adding that it would cease all support in October.

The move comes after growing scrutiny of the exchange by regulators from the United States to Europe and Asia.