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GERMANY: FINANCIAL WATCHDOG GIVES STAR WARNING TO BINANCING CRYPTO EXCHANGE PLATFORM

The German financial regulator BaFin warned Binance, one of the world’s largest cryptocurrency exchanges, of a fine if it offers its digital tokens for securities tracking without publishing an investor prospectus.

On Monday, Binance announced that it would be offering “share tokens” denominated in the exchange’s own cryptocurrency and allowing investors to get exposure to MicroStrategy Inc, Microsoft Corp and Apple Inc.

These merged tokens represent Tesla Inc and Coinbase Global Inc, which are already trading.

However, the supervisory authority announced on Wednesday that there was apparently no prospectus for the MicroStrategy, Tesla and Coinbase issues on the exchange’s website. This violates the European Union’s Securities Act and could result in Binance being fined 5 million euros (US $ 6 million) as an issuer. or 3% of the previous year’s sales.

“BaFin has reason to believe that Binance Germany will sell shares in Germany in the form of ‘share tokens’ without offering the required prospectuses,” it said. “Please note that securities investments should only ever be made on the basis of the required information.”