Binance affiliate advised on tokenized securities offering by Al Tamimi
Al Tamimi & Company has announced it was the legal advisor for Binance on its tokenized securities offering in ADGM through a Binance group affiliate. Al Tamimi & Company advised on the preparation of the prospectus for FSRA approval and assisted with the application for admission of the Certificates to the Official List of the FSRA, as well as admission to trading on both the Recognised Investment Exchange and the Multilateral Trading Facility operated by Nest Exchange Limited within ADGM.
According to Al Tamimi’s post The transaction marks a significant milestone in the evolution of digital capital markets in the region, representing the offering of tokenized securities under a prospectus approved by the Financial Services Regulatory Authority (FSRA) in ADGM.
The tokenized securities, known as “bStocks” and structured as Certificates, were issued by a Binance group affiliate, BTECH Holdings Limited, and made available through Binance’s crypto exchange in ADGM. The Certificates represent beneficial interests in underlying equity securities in SpaceX, providing investors with blockchain-enabled exposure to one of the world’s most prominent technology companies through a blockchain-enabled structure.
The Certificates are classified as Securities by the FSRA and are issued as Ledger-Based Securities on the BNB Chain blockchain. Each Certificate is fully asset-backed, with every issued token supported on a 1:1 basis by corresponding SpaceX shares held in BTECH’s segregated custody account, providing transparency and investor protection within a regulated framework.
“This transaction represents a major step forward in the convergence of traditional capital markets and digital asset infrastructure,” said Andrew Tarbuck, Partner – Head of Corporate at Al Tamimi & Company “The successful structuring and regulatory approval of these tokenized securities demonstrates how innovative financial products can be brought to market within a robust and trusted regulatory framework.”
