In the case of FTX: fraud. They were giving people a useless token for tokens that had value elsewhere.
With Binance, you could make the case you own equity in the exchange, but that could have the same outcome as FTX.
It’s worth noting these types of tokens aren’t permitted on US-based exchanges. Likely because they are the most obvious unregulated securities (more so than other tokens).
In the case of FTX: fraud. They were giving people a useless token for tokens that had value elsewhere.
With Binance, you could make the case you own equity in the exchange, but that could have the same outcome as FTX.
It’s worth noting these types of tokens aren’t permitted on US-based exchanges. Likely because they are the most obvious unregulated securities (more so than other tokens).