What are Binance bStocks? Converting to real shares, dividends, and who can't use them

Binance's own material on bStocks sits mainly in three places: the help-centre Frequently Asked Questions on bStocks, the deposit, withdrawal and conversion FAQ and the bStocks introduction announcement. Each page's update date is listed at the end. The three don't say exactly the same thing in a few places, and those are pointed out as they come up.

Are bStocks shares, and who issues them?

They are not shares. bStocks are not stocks or shares, and holding them does not make you a shareholder of the underlying issuer. The announcement classifies them as certificates representing certain financial instruments, an interest in underlying securities held by the issuer.

The issuer is BTech Holdings Limited, a special purpose vehicle registered in the Abu Dhabi Global Market (ADGM) and a Binance group affiliate. bStocks are offered through an ADGM Approved Prospectus, are not offered in any other jurisdiction, and are available elsewhere only to eligible users on a secondary-market basis.

Technically they are BEP-20 tokens on BNB Smart Chain. They trade around the clock on Binance Spot, and BNB Smart Chain is currently the only network for deposits and withdrawals.

"1:1 backing" or "intended to be backed": which wording counts?

The two official documents are worded differently. The announcement has "1:1 Backing" in its title and says each bStock is backed 1:1 by a US share held at a regulated custodian, verifiable on the Proof of Collateral page. The FAQ is more guarded: each bStock "is intended to be backed by a corresponding underlying security or other eligible assets", subject to fees, taxes and other conditions.

That sentence carries two qualifiers, "intended to be" and "or other eligible assets", so it should not be read as every token having one share locked behind it. Information on the bStocks Collateral page is published periodically and may not reflect real-time settlement or pending transactions. None of the three documents names the custodian. When weighing risk, go by the FAQ's more detailed wording.

Three ways to get bStocks, and what they cost

There are three routes to holding bStocks:

1. Tokenize as you buy the stock: on the Binance Stocks order screen, switch on "Tokenize this order" and buy, and you receive the matching bStocks. "Tokenize all orders" under More settings applies it to every new order. Orders can be paid with USDC, USD1, USDT, U or BNB.
2. Token Conversion: convert shares you already hold into bStocks 1:1 through Nest Trading Limited, with no fee.
3. Buy on Spot: buy directly in the bStocks section of Spot, for example TSLAB/USDT, which trades 24/7.

On fees, bStocks carry zero commission, zero custody fee, zero management fee and zero conversion fee; network fees and trading spreads may apply. A separate announcement (updated 2026-09-30) extends the zero-maker-fee promotion on all bStocks pairs to 2026-10-31 23:59 UTC. For the taker fee and what applies after the promotion, go by the order screen. Minimum order sizes are on the trade parameters page, and the starting amount is $5.

How to convert between shares and bStocks, and when it pauses

Binance calls the swap Token Conversion. The rules:

Three things are not in the official text: where the conversion entry sits in the app menu, whether there is a minimum conversion size, and how long a conversion takes. Go by what the conversion screen shows at the time.

The pause has happened in practice. The announcement of 2026-09-18 covered dividends on four names: Broadcom, QQQ, Meta and Seagate. For the first three the holdings snapshot was at 00:00 UTC on 21 September, and the 1:1 conversion for AVGO/AVGOB, QQQ/QQQB and META/METAB was suspended from 23:30 UTC on 18 September, about two days earlier. Deposits and withdrawals of those three tokens were suspended from 23:30 UTC on 20 September. Seagate (STXB) had a different snapshot date, 00:00 UTC on 24 September. Services resume once the distribution is complete, with no further notice. If you plan to convert tokens back to shares before an ex-date, allow for that lead time.

Once converted to a real share, real-share rules apply: trading sessions, dividends, voting and settlement all work as for any share.

What the Multiplier is: balances after dividends and splits

bStocks holders do not receive cash dividends. The FAQ's sentence is "Dividends are not paid directly to bStocks holders in cash": the issuer reinvests the net amount in the same underlying security, and the result reaches your balance through the Multiplier.

The Multiplier is an adjustment factor. The raw amount recorded on-chain stays the same, and the balance shown in the interface is the raw amount times the Multiplier. Binance's two examples both start from 10 TSLAB at $250:

In the second example 2 ÷ 250 = 0.008, so it is worked on the full $2. What is actually reinvested is the amount left after withholding tax and fees: withholding tax is applied to all dividends before reinvestment, and the announcement puts the rate at US withholding tax, currently 30%. At that rate the example's $2 becomes $1.40 after tax, less any fees, before it is reinvested.

This is also why one address can show different numbers in different places. The block explorer BscScan shows the raw amount, while Binance and wallets that support the standard show the balance after the Multiplier. For where dividends go across products, see do US stock tokens pay dividends.

bStocks versus real shares: voting, SIPC, trading hours

Separately, Binance Margin accepts some bStocks as collateral. The entry conditions and risk limits are in bStocks as margin collateral.

Where bStocks are not available

The FAQ gives no country list, only three principles. bStocks are offered through an ADGM Approved Prospectus and are available elsewhere only to eligible users on a secondary-market basis. They are not offered in the United States or to US persons. And confirming that trading is lawful where you live is your own responsibility.

The list appears in listing-type announcements. The announcement updated on 2026-09-30, cited above, names these restricted locations: Canada, Cuba, the Crimea Region, Iran, the Netherlands, North Korea, Syria, the United States and its territories, and non-government-controlled areas of Ukraine. It notes the list may change, that eligibility depends on country or region of residence, and that account verification is required. Not being on the list does not mean trading is permitted where you are.

Once tokens are on-chain, the restrictions travel with them. The issuer may add addresses that may violate laws or sanctions to a smart-contract blacklist at its discretion, so they cannot transact with bStocks. Such holdings may not be recognized inside Binance and may be frozen, and the holder may lose the ability to transfer, trade, convert or redeem.

How many bStocks are there now?

Adding up Binance's listing announcements batch by batch gives 91 bStocks as of 2026-10-11, all quoted against USDT. The first batch on 2026-06-11 had five: CRCLB, MUB, NVDAB, SNDKB and TSLAB. The latest batch on 2026-10-07 had four: JPMB, LLYB, SECZB and USDEB.

The list is not only single stocks. It includes ETFs such as SPYB and QQQB, and tokens on leveraged and inverse ETFs such as SOXLB, TQQQB, SQQQB and SOXSB. The full batch-by-batch list, with the announcement for each batch, is in which US stocks you can buy on Binance. SpaceX's SPCXB has its own piece, SpaceX on Binance.

How bStocks differ from xStocks and Ondo tokenized stocks

All three are tokens that track US stock prices, and all three reinvest dividends instead of paying cash. The differences are the issuer and the fine print. The table has only what each issuer's own documentation said in October 2026:

What bStocks add over the other two is 1:1 conversion into broker-held shares on the same platform. For how the Ondo kind is bought in the Binance Wallet, see buying on-chain US stocks with Web3 Wallet.

FAQ