German Watchdog Suspects Crypto Exchange Broke Rules

Law360, London (April 29, 2021, 4:01 PM BST) -- Germany's financial watchdog has said it believes that Binance, one of the world's largest cryptocurrency exchanges, has breached Europe's rules for offering securities to investors when issuing tokens tied to U.S. stocks.

The Federal Financial Supervisory Authority said on Wednesday that it believes Binance Deutschland GmbH must publish prospectus documents to offer stock tokens that track shares in U.S.-listed companies, including Tesla Inc., Coinbase Global Inc. and MicroStrategy Inc. Stock tokens are pegged to the performance of a share on a traditional exchange, such as the New York Stock Exchange, so they rise and fall in price as the underlying share...

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