Law360 (July 16, 2021, 5:43 PM EDT) — Binance said Friday it will stop selling digital tokens linked to stocks of U.S.-listed companies “effective immediately,” as the cryptocurrency heavyweight faces an onslaught of regulatory scrutiny around the world.
Binance said that it is no longer selling “stock tokens” on its platform, and that the platform won’t support the tokens after Oct. 14. Token holders can sell or hold the assets for 90 days, but their positions will be closed Oct. 15.
The stock tokens track shares in U.S.-listed companies such as Tesla Inc., Coinbase Global Inc. and MicroStrategy Inc. The tokens are pegged to shares’ performance on a traditional…
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