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Some weeks ago, Binance released its commission-free tradable stock tokens to help link the cryptocurrency industry and Wall Street. However, a top German financial regulator, BaFin, has warned that Binance could face heavy fines and scrutiny for offering security tokens without publishing the investor prospectus.
Upon launch, the behemoth exchange announced that it would allow users to trade tokenized Tesla and Coinbase Global stocks against its native stablecoin BUSD. Binance announced again on Monday that it would offer users the ability to trade additional tokenized stocks, including Apple, Microsoft, and MicroStrategy.
The German regulator noted yesterday that there was no prospectus on Binance’s website for Tesla, Coinbase, and MicroStrategy. BaFin specified that the move by Binance went against the European Union securities law and that it could attract a fine of 5 million euros or 3% of the company’s previous year’s turnover.
According to a report by Reuters, BaFin noted that:
“BaFin has grounds to suspect that Binance Germany is selling shares in Germany in the form of ‘share tokens’ without offering the necessary prospectuses. Please bear in mind that securities investments should only ever be carried out based on the necessary information”.
Binance Assures Compliance with Regulatory Requirements
With the latest regulatory issue, Binance has asserted that it intends to comply with any regulatory requirements it faces. In an email to Bloomberg, Binance spokesperson Jessica Jung noted that:
“Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate. We will work with regulators to address any questions they may have.”
The company assured that its stock tokens would help investors globally tap into the economic benefits of the stock performance and dividends.
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