Unable to bear the heavy-handed regulations from various countries, Binance halts trading of "stock tokens".

Tired of the global regulatory pressure, cryptocurrency exchange Binance has finally given in. Binance announced that it will no longer offer stock token trading on its platform. The stock tokens, launched by Binance just three months ago, have faced crackdowns from governments worldwide, forcing Binance to halt the service.

Binance announced on its official website on Friday that it will no longer offer stock tokens, effective immediately. These tokens will end on October 14th and be closed out the next day. Binance will continue to focus on the development of other products in the future.

On the same day, Binance received warnings from Hong Kong and Italy.

However, it is well known that since Binance launched stock token services in April, including Tesla, Coinbase, and later MicroStrategy, Microsoft, and Apple were added.

This move by Binance is seen by securities regulators around the world as bypassing regulation and directly engaging in stock trading, causing concerns in various countries. The situation has reached a point where it cannot be tolerated, prompting the UK to issue a warning and order a ban on transactions with Binance, followed by other countries chasing after Binance.

Over the past month, global regulatory agencies have strongly opposed Binance, issuing warnings one after another claiming that the cryptocurrency exchange has not obtained regulatory service licenses in their countries.

Although Binance's founder, Changpeng Zhao, released an open letter on July 7th emphasizing that Binance is taking "compliance measures," including launching localized compliant and regulated exchanges, and actively cooperating with regulatory authorities in various countries.

However, it is evident that governments around the world are still concerned. Now that Binance has finally made concessions on stock tokens, it remains to be seen whether it can return to the right track and maintain its leading position in the global cryptocurrency market.

This article is authorized and reproduced from Horizon News Network