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German Regulator Refuses to Budge in Binance Stock Token Dispute
The
Federal Financial Supervisory Authority (BaFin), the German financial markets regulator, has turned down a plea from the crypto exchange giant
Binance to remove warnings about stock or inventory tokens â coins meant to represent shares in American stock market-listed firms.
BaFin last month posted warnings on its website about possible securities law violations connected with the tokens, claiming that such offerings must be accompanied by regulator-approved investment prospectus documentation.
Binance must either succeed in changing BaFinâs mind before next weekâs deadline, delist the tokens â or face a fine. The exchange may have to fork out USD 6m or 3% of its latest annual revenue takings. It could also have to cover investorsâ losses, BaFin warned.
German finance regulator issues warning about Binance s stock tokens offering
April 28, 2021, 1:55PM EDT
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2 min read
Germany s Federal Financial Supervisory Authority, or BaFin, said in a translated version of a notice published Wednesday that it has reasonable grounds for suspecting that crypto exchange Binance may be in violation of the country s securities laws in connection with its recently announced stock tokens service.
As previously reported, Binance went live with a tokenized stock trading service, beginning with automaker Tesla, which settles in the form of the exchange s BUSD stablecoin. But subsequent reporting from the Financial Times indicated that the service raised eyebrows across Europe s regulatory ecosystem, including Germany, as Binance s offering is done in partnership with German financial services firm CM-Equity, which is licensed in the country.
German financial regulator suspects Binance offering ‘violates securities laws’ Business
The German financial regulator has said it has reasonable grounds to suspect cryptocurrency exchange Binance of violating securities laws over its tokenized stock trading service.
In a notice published by the Federal Financial Supervisory Authority, or BaFin, the regulator said it believed the Binance had offered “securities in the form of ‘shares token’ with the terms TSLA/BUSD, COIN/BUSD and MSTR/BUSD without the required prospectuses on the website.”
If upheld, this would constitute a breach of Germany’s securities laws, which among other things requires a prospectus to be published ahead of any securities offer.
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