Binance has canceled its “Binance Wallet SPCXx IPO Campaign,” saying the decision was caused by external factors beyond the team’s control. The exchange said all USDC locked by participants will be returned in full to the original Binance Wallet used for payment, with refunds expected to be completed on 2026-06-12.
Automatic refunds and token compensation
The cancellation was announced as SpaceX drew heavy attention following its U.S. stock market debut. In its notice, Binance apologized for the disruption and introduced two remedies. First, users do not need to submit any request to recover their funds, as the refund process has already started in batches. Second, Binance said it will distribute $1 million worth of bStocks SpaceX tokens, ticker SPCXB, to all users who joined the campaign.
The exchange said the airdrop will also be handled automatically. Eligible participants are set to receive the tokens directly in their Binance Spot accounts, and distribution is scheduled to be completed by 2026-06-18. Binance did not disclose a more specific reason for the cancellation beyond citing uncontrollable external circumstances.
Tokenized security structure comes with restrictions
Binance also attached a risk warning tied to the product itself. According to the announcement, SPCXB is a tokenized security designed to track the price of a real-world stock, but it does not represent ownership of the underlying equity. Holders therefore do not receive shareholder rights such as dividends or voting privileges.
The exchange added that tokenized assets can carry pricing deviations, weak liquidity, and issuer credit risk. Because of legal and compliance restrictions, the product is not available to U.S. users or any U.S. persons. Binance said users should confirm local legal requirements before taking part in tokenized U.S. equity offerings.