Users of the exchange Binance, who actively used the recently introduced exchange tokens, have no reason to rejoice. In a message sent to customers the company informed about the planned end of support for this service.
This decision, however, should not come as a surprise, especially since in recent days the Binance exchange has been constantly attacked by regulators, and the introduction of tokens linked to the share price from the very beginning aroused their dissatisfaction.
What’s next for share tokens?
According to the email that Binance users received, the exchange is continuously developing its products and evaluating them to meet the needs of all users. At the same time, it will end support for stock tokens, which will allow the exchange staff to focus on other projects.
Immediate cessation of token support
The decision to end support for this service has been implemented with immediate effect. Thus, no new stock tokens will be available on the exchange website anymore. Additionally, the exchange will completely stop supporting introduced tokens (associated with companies such as Apple Inc., Coinbase Global Inc., Microsoft Corporation, MicroStrategy Incorporated and Tesla Inc .) as of October 14, 2021. This information is also displayed to users who log in to their Binance account and go to the stock tokens tab.
Is it still possible to sell stock tokens on Binance?
Users who have previously purchased tokens can sell them within the next 90 days or keep them to transfer to a new platform. Thus, no matter what decision one makes, one need not worry about losing the money invested. The exchange announces that it will remind users to make a decision on whether or not to sell their stock tokens.
New platform related to stock tokens
However, if one wants to continue trading stock tokens, the new portal is expected to be available before October 15 this year. So while Binance customers will lose the ability to invest in stock tokens directly from their account, they will probably be able to do so without any problems on the CM-Equity AG platform.