The exchange has integrated PreStocks' tokenised exposure to SpaceX, OpenAI, Anthropic, Anduril, Kalshi and Polymarket into a new Markets tab in the Web3 Wallet — though holders receive no voting, dividend or information rights, and the feature is blocked to US users.
Binance has added a pre-IPO asset discovery section to its Web3 Wallet, listing tokenised exposure to SpaceX, OpenAI, Anthropic, Anduril, Kalshi and Polymarket under a new Markets tab. The section went live earlier this week through an integration with PreStocks, a third-party issuer that backs the tokens with special-purpose vehicle positions in the underlying private companies.
The feature is, strictly speaking, a discovery tool rather than a trading venue. Binance users can see which pre-IPO names are available and route into PreStocks' onchain market to buy them, but the actual ownership structure sits with PreStocks and its SPV lawyers, not with the exchange. The tokens are backed one-to-one by equity exposure to the named companies, but holders do not get voting rights, dividend rights, information rights, or any of the other legal entitlements a direct shareholder would have. In plain terms: a token holder owns a claim on an SPV that owns a claim on the underlying stock. That claim can trade, it can be priced, it can be settled — but it is not the same instrument a Series F investor would receive.
This distinction matters because the products Binance is now surfacing have been the subject of a long, unresolved argument over whether retail investors should be able to buy them at all. In the traditional US system, access to pre-IPO shares of SpaceX or OpenAI is gated through accredited-investor rules, Rule 144 restrictions, and the kinds of secondary platforms — Forge, EquityZen, Carta — that have historically required a minimum net worth. Tokenisation collapses those barriers in practice, even if the legal wrapper still treats the instrument as an SPV interest rather than a direct share. The trade-off is that the price and liquidity come with disclosure that is thinner than what a public investor would see.
Binance has been explicit about the limits. The products are not available to US persons — that restriction is baked into the Web3 Wallet's access controls, and it is the same regulatory line that has kept many of the exchange's non-US retail offerings walled off since Changpeng Zhao resigned in 2023. The exchange has not yet released a detailed breakdown of each token's structure, underlying counterparty arrangements, or the jurisdictional list for where the feature is live. That absence will matter to regulators who look at what the product does rather than what it claims to be.
The context for the launch is the broader pre-IPO tokenisation push that has gathered speed over the past six months, a move Bernstein described as part of a tokenisation supercycle earlier this year. Robinhood has been offering tokenised shares of OpenAI and SpaceX to European users since last summer. Kraken's VCXx platform lists similar exposure to SpaceX, OpenAI, Anthropic and Anduril. Republic, the crowdfunding platform, launched a $50-minimum SpaceX product last autumn. Binance is not creating a new category so much as joining a crowded one, and its scale — more than 270 million registered users globally — is what will determine whether the structure gets stress-tested or not.
The SEC's position on tokenised private equity remains unresolved. A March 2026 joint interpretation with the CFTC, issued after Paul Atkins took the chair, narrowed the universe of digital assets that would be treated as securities, but it did not address wrapped equity products directly. The working assumption in the industry is that a token backed by an SPV that holds actual shares is still a security, and that the only thing the wrapper changes is how it trades, not what it is. That assumption has not yet been tested in court.
Binance's choice of companies is commercially obvious. SpaceX is the most valuable private company in the world at a reported $400 billion secondary valuation. OpenAI has been the most-traded pre-IPO name across every tokenisation platform for the past year. Anthropic is catching up fast after its 2025 funding round. Kalshi and Polymarket — the two prediction market operators — are the outliers on the list, both smaller but both growing fast enough to justify a slot, as Robinhood's competing prediction market hub made clear when it launched earlier this cycle. Anduril, the defence contractor, rounds out the set; it is the only one on the list that makes physical products rather than software.
The Web3 Wallet team pitched the feature as a way to close the gap between consumer crypto wallets and the private-markets infrastructure that has historically been gated to wealthy allocators. Whether that gap should be closed is a separate argument. Whether it can be closed without a regulatory intervention is becoming an increasingly difficult question to answer — and the people asking it loudest are not the regulators, they are the secondary platforms whose business models depend on the old walls staying up.
