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Binance Fails to Remove BaFin's Warning Over Securities Rules Violations

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Wed, 5/05/2021 - 13:54
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Binance Fails to Remove BaFin's Warning Over Securities Rules Violations
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Binance, the largest crypto exchange by reported trading volumes, has failed to remove a warning about violating securities laws from the website of Germany's BaFin, the Financial Times reports. In late April, the German financial regulator warned the exchange about possibly committing a criminal offense by offering stock tokens that represent the shares of such companies as Apple, Microsoft and Tesla, without publishing a prospectus.

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The exchange claimed that the warning was a "misunderstanding." It insists the tokens were not a security since they are being offered through a third-party broker. Binance also does not allow its users to send them to other trading platforms.

Binance has one week left to submit its response to BaFin. Its tokenized stock offering could be ultimately banned in Germany.

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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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