Binance’s Stock Tokens May Violate Law, Germany’s Financial Watchdog Says
BaFin said the stock tokens tracking Tesla, Coinbase and MicroStrategy have been identified as “suspicious” and the exchange could be fined up to $6 million.
Crypto-asset service providers would be obliged to collect and disclose data concerning originators and beneficiaries of transfers.
The exchange has faced increasing headwinds in Europe over the past two weeks.
But challenges remain on financing and regulations.
Draft regulation also requires businesses offering crypto services in the EU to have a base in the bloc, Cinco Dias reports.
The wallet is expected to be operational in around a year's time, according to the report.