Major crypto platform Binance released a blog post saying it ceases support for stock tokens.
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As the company reports, users that presently own stock tokens, may sell or store them till October 14. The news came amid regulatory issues that the firm has been facing.Lithuania and Hong Kong are the most recent countries to crack down on Binance. Today, the Central Bank of Lithuania said that the Vilnius-based Binance payments branch was implementing unauthorized investment operations in the country.
Hong Kong's Securities and Futures Commission published a warning over Binance's stock tokens. The authority stated that stock tokens are securities and that Binance isn't licensed to implement the regulatory activity in Hong Kong.
On April 12, the platform released its first stock token, Tesla. Then it added those of Apple, Microsoft, Coinbase, and others. Note that earlier the tokens were subject to scrutiny by the UK and Germany.
At the end of June, the UK’s FCA published a consumer warning on banning the crypto exchange platform Binance from delivering operations in the country.
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Afterwards, A number of countries also targeted the platform. Among them are Thailand, Japan, Germany, the US, Poland and Italy.