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Home Bitcoin

BanFin warns that Binance could face significant fines

torajacybernews by torajacybernews
May 1, 2021
in Bitcoin, Blockchain, Ethereum, Market
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BanFin warns that Binance could face significant fines
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German authorities have warned that Binance could face large fines as a result of its crypto share tokens.

What’s going on? Binance in trouble?

Recall that Binance recently launched fractional share tokens for Apple, MicroStrategy, and Microsoft on April 26. These are in addition to the tokens for Coinbase and Tesla that were launched earlier this month.

As we previously reported, the Financial Times reported that regulators would be carefully scrutinizing whether Binance would have violated securities laws with its share token offering.

At the time, it was explained that in case the share tokens are transferable, negotiable, provide dividends and are settled in cash, then they represent securities. In that case, the crypto exchange was obliged to publish a prospectus.

However, according to FT, CM-Equity explained that in the case of Binance a prospectus was unnecessary, since the tokens are not transferable and, in addition, they are settled in Binance’s BUSD stablecoin.

Binance launched Telsa tokenized shares and 0% commission


BanFin warns that fines may be yet to come
Therefore, with this precedent in mind, this week BanFin warned that Binance could face heavy penalties for launching stock tokens without an investment prospectus attached.

Basically BanFin alleges that without an investment prospectus, Binance is violating European Union securities law and could result in Binance facing a fine of five million euros; or 3% of annual income.

In this way, according to Bloomberg, Jessica Jung, a Binance spokesperson, assured that the firm takes its obligations very seriously. She therefore assured that Binance will work with “regulators to address any questions they may have.”

But, in addition, they are not the only regulators who are watching Binance carefully. As previously reported, the CFTC is investigating the crypto exchange for regulatory concerns.

Binance will certainly have to start working more closely with regulators. If it doesn’t seem like you will have to face large fines. We want to know your opinion! Do you think Binance has violated any laws?

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