Binance and Bybit Cancel Tokenized SpaceX Share Offerings Amid IPO Hype

Crypto exchanges Binance and Bybit have returned customer funds after being unable to secure allocations of SpaceX's tokenized shares. The return was due to xStocks' inability to deliver the underlying assets, according to Bybit.

Binance cancelled its SPCXx campaign, a pre-IPO token from xStocks, and refunded subscribers. In addition, Binance is distributing $1 million worth of SpaceX shares via bStocks, its newly introduced tokenized securities offering, equally to those who participated in the SpaceX pre-IPO campaign.

xStocks' spokesperson stated that due to overwhelming demand, requests to buy IPO access to SpaceX were not able to be fully fulfilled. Client funds associated with unfilled orders have now been returned.