Binance To Cease the Purchase of Stock Tokens Effective Immediately 16

Binance To Cease the Purchase of Stock Tokens Effective Immediately

  • Binance has announced that it will cease the purchase of stock tokens on its platform effective immediately
  • Binance will no longer support stock tokens after October 14th, 2021
  • Holders of the stock tokens on Binance have until October 14th to sell them manually
  • After which all token positions will be closed on October 15th
  • Hodlers of the stock tokens residing in the European Economic Area can transfer their positions to CM-Equity AG once a portal is created

The popular crypto exchange of Binance will cease the purchase of all stock tokens on its platform, effective immediately. The team at the exchange made the announcement earlier today and also explained that the move was meant to shift their ‘commercial focus to other product offerings’.

Holders of Stock Tokens on Binance Have Until October 14th to Sell Them

Holders of stock tokens on Binance have until October 14th this year, to manually sell them as the exchange will cease all support of the tokens on the same day at 19:55 UTC. Additionally, any stock token positions that will remain open beyond the 14th will be closed on October 15th at 13:30 UTC.

The closing prices used on the 15th of October, will ‘be based on actual executed prices after the market opens for trading at 2021-10-15 13:30 (UTC), and may differ from the market prices from the previous day’.

Binance Stock Token Holders in The EEA Can Migrate Their Positions onto CM-Equity AG Portal

Stock token holders residing in the European Economic Area (EEA) have an additional option of transferring their positions to CM-Equity AG which is developing a portal for this particular process. The team at Binance provided the following information and timeline with respect to the CM-Equity AG portal in development.

CM-Equity AG is establishing its own portal to support users residing in the European Economic Area (EEA) and users that reside in Switzerland. Those users may transition their stock token balances to CM-Equity AG once its new portal is established.
The portal is scheduled to be open approximately two-to-four weeks before 2021-10-15 (UTC), and additional KYC measures will be requested by CM-Equity AG to complete the transition. We will remind users of this change as the date approaches.