Binance today announced that they will discontinue one of the latest services released which allows users to trade crypto assets representing equity stocks. This is because the exchange company is facing regulatory problems in many countries.
Last April, this leading crypto exchange company added support for a new product that allows its users to interact with fully supported crypto assets that represent equity shares.
Having first added Tesla’s crypto stock, Binance has expanded its services with Coinbase, Apple, Microsoft, and MicroStrategy. However, the company is facing pressure from Germany due to the governing body (FSA) raising ‘tokenized stock’ concerns after a few weeks of launch.
In the end, Binance has decided to discontinue this particular service, as announced on July 16th. According to Binance crypto shares cannot be purchased on Binance.com, and Binance.com will no longer support any crypto shares after October 14, 2021.
The exchange asserts that customers who now own the crypto shares can "sell or hold them for the next 90 days." However, once the period ends, they can no longer sell it.
