Who is the issuer behind Binance Pre-IPO? Is it compliant?

Today I slept the entire day, and the first message I saw upon waking was the Pre-IPO information pushed by Binance Wallet. Many people would instinctively think that a project accepted by Binance Wallet can't be too bad. So let's dig into who is actually selling this thing and what it is that is being sold.

To cut to the chase, there is a very key statement in the disclaimer at the bottom of the poster: “For further information, please refer to Prestocks’ official website.” This strongly indicates that the issuer is likely PreStocks, and Binance Wallet acts more like a traffic entrance and trading portal, rather than being the issuer itself.

So who is Prestocks? (I have no dealings with Prestocks and no conflicts of interest)

According to the public disclosures on the PreStocks official website, it is essentially a pre-IPO tokenized exposure project issued within the Solana ecosystem. They state it very directly: these tokens are “1:1 backed by SPV exposure to the underlying company shares,” which means the underlying does not provide any real stocks, but instead uses SPV mapping for support.

More importantly, PreStocks clearly states that users only receive corresponding price fluctuations, do not actually own stocks, do not have voting rights, and do not enjoy dividends or the rights to information, among other legal rights. This indicates that what users are purchasing is not real equity in OpenAI, SpaceX, or Anthropic, but rather a price mapping packaged through SPV exposure.

I have previously written an article titled “What are Pre-IPO SPV and SPV Mirror—Where are the Risks?” discussing SPV mirrors, and unfortunately, the structure disclosed publicly by @PreStocks appears to be utilizing SPV mirrors. Interested friends can go read it.

Address: https://x.com/PhyrexNi/status/2028774803499540685

This is also why I have always emphasized that what needs to be distinguished in Pre-IPO is not whether the name sounds good, but rather whether you are buying SPV or SPV mirror. A true SPV theoretically means the underlying legal entity holds real shares, and you are purchasing rights to this legal entity.

An SPV mirror, on the other hand, is often just a price tracker; users do not directly own shares of this SPV, nor do they possess legal rights to the underlying company.

Of course, I have also mentioned before that SPV mirrors are not necessarily scams and not necessarily false. The issue has never been “mirror = scam,” but rather that SPV mirrors inherently carry several significant problems.

First, they have higher opacity.

Because what is bought is not the equity itself, but rather a mapping to a certain SPV exposure, there are at least two layers in between, making it difficult to truly see through to the underlying assets, corresponding ratios, legal relationships, and execution paths. The PreStocks official website publicly discloses “having SPV exposure,” but does not package it as a traditional licensed brokerage custody-style equity account.

Second, legal rights are weaker.

The PreStocks website has already stated the most important points: there is no ownership, no voting rights, no dividend rights, no information rights, and they are not products issued or endorsed by these mentioned companies. This means that even if what you buy is tokenized stock of OpenAI, it does not mean you have become a shareholder of OpenAI. You only receive an on-chain digital that correlates to its valuation or price exposure.

Third, the trading entrance may look like Binance, but the product liability does not reside with Binance.

This point is very important. Because many people see the push from Binance Wallet, they instinctively transfer their trust to Binance. However, Binance's own page states that these types of assets are not listed on Binance CEX, but rather bought through Binance Web3 Wallet connecting to DEX. In other words, Binance here acts more like an entrance, wallet, and traffic distribution channel, rather than being the underlying issuer, structure designer, or traditional underwriter of this Pre-IPO product.

So is PreStocks compliant?

If asking whether PreStocks is a licensed brokerage, licensed exchange, licensed custodian, or VASP in the traditional financial sense, the answer is very straightforward: it is not.

Because PreStocks has made it very clear on its official website: it is neither a licensed broker, nor an investment advisor, nor an exchange operating entity, nor a share transfer agency, nor a custodian, nor a virtual asset service provider.

Although PreStocks claims that a third party will conduct audits, as of now, the PreStocks official website has not publicly displayed any third-party audit reports accessible for investors, nor have there been any publicly available proof of reserves or verification reports. What is available is mainly the project party's own structural explanations and risk disclaimers, not an endorsement by an external independent audit.

Of course, PreStocks has implemented certain KYC regional restrictions. It is currently not provided to individuals in the United States, Canada, mainland China, Singapore, Hong Kong, Macau, India, Japan, Panama, Ukraine, Afghanistan, Eritrea, Ethiopia, or any country sanctioned by the United States, the United Kingdom, or the European Union.

PS: This is also why PreStocks needs to cooperate with entrance partners.

This is also where I most want to remind everyone: the fact that Binance Wallet can integrate does not mean that #Binance provides credit endorsement for the underlying assets.

The Pre-IPO provided by Binance Wallet is not Binance selling unlisted equity, but rather an entrance provided by Binance that allows users to access pre-IPO products based on SPV mapping offered by issuers like PreStocks. Whether there are pitfalls, I do not know, but it is certainly not traditional true equity.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。