Binance cancels SpaceX IPO event, to compensate users with stock tokens

Binance has canceled its SpaceX IPO offering event (SPCXx IPO) and announced a compensation plan for participants. In a post on its official X account, Binance Wallet stated that all USDC deposited during the event will be refunded. Additionally, a total of $1 million worth of SpaceX stock tokens (SPCXB) will be airdropped to participants based on their contribution amount. The SPCXB token is pegged 1:1 to SpaceX shares, with the underlying stock held by a regulatory-compliant custodian that provides proof of reserves. Other exchanges, including Bybit, Bitget, and MEXC, which had also offered the stock tokens ahead of SpaceX's planned Nasdaq listing, have also begun canceling allocations and processing refunds. The move comes after xStocks, a stock token trading platform under Kraken, failed to supply the underlying assets.