Binance is reportedly preparing to resurrect its controversial stock token offering, a product line it shuttered in 2021 following intense regulatory blowback. According to a report by The Information, the exchange is exploring a relaunch that would allow users to trade tokenized shares of companies like Nvidia and Apple, bypassing traditional brokerage rails.
The RWA pivot
The timing aligns with the broader market’s rotation into Real World Assets (RWAs). While the sector has matured, the regulatory hurdles that killed the product five years ago remain largely unchanged. In July 2021, Binance delisted these instruments after Germany’s BaFin and Hong Kong’s SFC warned they likely constituted unregistered securities. The original structure relied on CM-Equity AG, a Munich-based investment firm, to hold the underlying shares. It is unclear if Binance has secured a new custody partner for this iteration.
The market for tokenized stocks is growing, with the total value in circulation recently reaching $915 million, a 19% increase from the previous month.
Competition heats up
Binance is not alone in assessing this vertical. OKX is also reportedly evaluating a similar product suite, signaling a potential race to capture the demand for 24/7 equity trading. Unlike 2021, the infrastructure for tokenized securities is more robust, but the scrutiny from the SEC and European watchdogs has only intensified.
Market reaction
BNB showed little immediate reaction to the news, holding steady at $895 (-0.6%) as volume remained flat. The muted response suggests the market is pricing in significant regulatory friction before any product goes live. If successful, however, the move would position major exchanges to compete directly with traditional brokerages for non-U.S. order flow.
