Introduction
Backpack and Binance both offer tokenised stocks, and both claim "real shares". At first glance the products look alike — but licences, settlement and transferability differ in ways that matter.
The head-to-head table
| Feature | Backpack | Binance |
|---|---|---|
| Licensed in Europe | Yes | No |
| Real shares | Yes | Yes |
| Voting rights | Full | Full |
| Number of stocks | 1,000+ (beta) | 7,000+ |
| Who can trade | Non-US | Non-US |
| Crypto-native access | 1 account (Solana) | 1 account (BNB Chain) |
| Settlement | Instant* | T+2 (2 days) |
| 24/5 trading | Yes | Yes |
| W-8BEN treaty (15%) | Yes | No |
| Transfer to TradFi broker (ACATS) | Yes | No |
| On/off-chain delivery | Yes — both (beta) | Yes — at scale |
| Custody | RQD / Atomic Vault | Alpaca |
| On-chain composability | Solana | BNB Chain |
*Instant settlement 90% of the time.
Licensing in Europe
The key question for European users: may this exchange legally offer these products to me? Tokenised stocks fall under MiFID II (see What is a MiFID II licence?). Without it, offering them in the EU is not permitted except via reverse solicitation or external entities.
Ownership and shareholder rights
Both platforms offer real ownership with voting rights. The difference is structure: Backpack holds shares under New York UCC Article 8 via SEC-regulated custodians (RQD / Atomic Vault); Binance holds via Alpaca, structured on BNB Chain.
Range, trading and settlement
Binance is broader (7,000+ vs 1,000+ in beta) — but for most retail investors the top 500 plus ETFs suffice. The bigger practical gap is settlement: instant (Backpack, 90% of the time) versus a traditional two-day T+2 cycle (Binance).
Tax optimisation (W-8BEN)
Dutch and Belgian residents can cut US dividend withholding from 30% to 15% via W-8BEN. Backpack supports it; Binance does not. On €1,000 of dividends that is €150 saved per year.
Transferability
Backpack supports ACATS transfers to major traditional brokers; on Binance shares stay within the platform. Relevant for long-term investors who want the exit option.
Conclusion
Both offer real shares. The deciding factors for Europeans: EU licence status, W-8BEN support, transferability, settlement speed, and which chain ecosystem you prefer (Solana vs BNB Chain).
Frequently asked questions
Can Dutch users trade on both?
Backpack EU serves the Netherlands under MiCA/MiFID II passporting; Binance left the Netherlands in 2023.
Are both truly real shares?
Yes — the difference lies in jurisdiction, custody and surrounding rights.