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Binance ends support for purchasing stock tokens as Hong Kong issues warning

Binance ends support for purchasing stock tokens as Hong Kong issues warning


Seeking Alpha
2021-07-16 11:17:20
Binance ends support for purchasing stock tokens as Hong Kong issues warning

marchmeena29/iStock via Getty Images Binance ends its support for purchasing stock tokens on its website "to shift our commercial focus to other product offerings," the crypto exchange platform said in a statement. That statement comes as the Hong Kong Securities and Futures Commission stated that no Binance entity is licensed or regulated in the city, Bloomberg reports. It warned that marketing or distributing tokens that are "securities" in the city or to Hong Kong investors is a "regulated activity" and requires a license. "Effective immediately, stock tokens are unavailable for purchase on Binance.com and Binance.com will no longer support any stock tokens after Oct. 14, 2021 19:55 UTC," according to the Binance statement. Binance users who currently hold such tokens may sell or hold them over the next 90 days, but they'll no longer be able to manually sell or close their positions after Oct. 14. Users in the European Economic Area

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