4/29/2021 4:10:04 AM GMT
The BaFin has released a legal opinion stating that Binance should have informed legal authorities prior to launching its stock tokens.
The German watchdog claims that these tokens are not quite different from stocks from a regulatory perspective.
Binance’s new offering could cease in Germany, and the crypto exchange could face a hefty fine.
The German Financial Supervisory Authority, known as BaFin, is currently investigating whether crypto exchange Binance violates securities laws with its tokenized share offerings.
Binance could face a fine of over 5 million euros
Earlier this month, the world’s largest crypto exchange by trading volume launched tokens tied to the price of Tesla and Coinbase stocks.
BaFin States that Binance Stock Tokens Could Violate Securities Laws
Last Updated: 29 April 2021
German’s regulator has stated that Binance Stock Tokens could go against security laws in the country. The product could be missing a few legal requirements.
BaFin, German’s Financial Supervisory Authority, is currently investigating Binance over offering tokenized shares. The regulator is presently holding a preliminary conclusion from its investigation, which is not favorable to one of the largest crypto exchange platforms in the world.
In a report on the regulator’s website, Binance could violate securities laws by offering shares of publicly listed companies such as Tesla. This could be against the law, even though the stock for such companies will be traded on the blockchain.
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DGAP-News: Deutsche Beteiligungs AG / Key word(s): Capital Increase
Deutsche Beteiligungs AG: Capital increase successfully executed
2021-04-28 / 08:52
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THE END OF THIS RELEASE.
Deutsche Beteiligungs AG: Capital increase successfully executed
- All 3.76 million new shares placed
- Gross issue proceeds of approximately 105 million euros
Frankfurt/Main, 28 April 2021 - Deutsche Beteiligungs AG ( DBAG , the Company ; Deutsche Börse Prime Standard, ISIN
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DGAP-Ad-hoc: Deutsche Beteiligungs AG / Key word(s): Capital Increase
Deutsche Beteiligungs AG: Rights issue of up to 3,760,998 new shares approved
12-Apr-2021 / 21:16 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Public disclosure of inside information according to Article 17 para. 1 of the Regulation (EU) No 596/2014 on market abuse (Market Abuse Regulation - MAR)
Deutsche Beteiligungs AG (ISIN: DE000A1TNUT7 / WKN: A1TNUT) - Rights issue of up to 3,760,998 new shares approved
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PLEASE READ THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.