Binance Holdings Ltd., the world’s largest cryptocurrency exchange operator, said it would stop offering digital tokens tied to stocks like Apple Inc. and Tesla Inc. after regulators in multiple countries raised concerns about the products.
Stock tokens will be unavailable for purchase on Binance effective immediately, the crypto exchange said on its website Friday. Customers who own the tokens may sell them over the next 90 days, and Binance will cease to support the products on Oct. 14, the exchange said.
“We believe that shifting our commercial focus to other product offerings will better serve our users for the long term,” a Binance spokesperson said.
Binance’s move came as regulators around the world have stepped up pressure on the crypto exchange. Some of the agencies have singled out Binance’s stock tokens for appearing to violate local securities regulations.
Hong Kong’s markets regulator on Friday became the latest regulatory body to warn investors about Binance’s stock tokens.