Blockstack's STX Token Now Traded on Binance and HashKey Pro

The advance is set to expand investors' access to Stacks (STX) – especially in Asia, a "priority region" for Blockstack.

AccessTimeIconOct 23, 2019 at 9:35 p.m. UTC
Updated Sep 13, 2021 at 11:36 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Blockstack’s Stacks (STX) token can now be traded on the Binance and HashKey Pro exchanges, the company said Wednesday.

The advance is set to expand investors’ access to STX – especially in Asia, where HashKey Pro is based and Binance is well-known. Muneeb Ali, Blockstack’s CEO, called Asia a “priority region” in a company statement.

Ali told CoinDesk:

“It’s very important that we have a global network of users and investors.”

STX is used to register digital assets on the Blockstack blockchain. They are consumed when users register or utilize the something on Blockstack, much like ETH is spent when operating on the ethereum network.

The company raised $23 million in anticipation of the listing, $7.6 million of which came from Asian investors and the rest from Blockstack’s Securities and Exchange Commission-qualified July offering, Ali told CoinDesk.

Ali said that 4,500 separate investors participated in the U.S. round.

But that regulated offering has meant extra scrutiny and even set limits on how Blockstack can interact with U.S. investors. They are prohibited from buying the tokens fueling Blockstack’s 270-odd decentralized applications out of an abundance of regulatory caution, Ali said.

SEC documents released Wednesday similarly indicate that "U.S. persons" cannot buy, sell or trade STX on HashKey Pro or Binance.

Regulatory compliance is at the forefront of the token rollout, as is transparency, the company’s spokesperson added.

In a blog post, Blockstack pledged to release internal documents and made a list of early token backers’ wallet addresses public, so anyone can “know if and when any early backer moves their Stacks tokens.”

Ali’s wallet address is among them. He said he is in it for the long-haul but recognizes that not everyone will sit on STX forever. Said Ali:

“If any of the early backers exit, I think people should know.”

Muneeb Ali image via CoinDesk archives

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.