First of all, I have no authority or any facts to prove whether Mystonks is a scam, nor do I know if the $7 million in frozen funds is due to black money. However, out of curiosity, I did check whether Mystonks is qualified to issue security tokens in compliance with regulations.
First, there is the SEC's STO filing, which is basically consistent. Indeed, I found a name called Mystonks Holding LLC recorded in the SEC Form D (Reg D 506(c)), indicating that it has filed for a securities issuance through a private placement exemption for qualified investors (this is a private placement exemption, not a public registration).
SEC Form D (Reg D 506(c) — Mystonks Holding LLC
Key Information Overview:
Issuer: Mystonks Holding LLC
CIK (Central Index Key): 0002079778
Organization Type: Limited Liability Company (DE, established in 2025)
Date of First Sale: 2025-08-04
Exemption Type: Rule 506(c) (public fundraising only for qualified investors)
Total Issuance Amount: $575,000, all sold (remaining 0)
Minimum Investment Amount: $50,000
Director / Signatory: Lie Yang, signed in the capacity of director
However, this is a "private placement exemption issuance" filing, which does not equate to a fully licensed exchange qualification.
In simple terms, completing the STO filing ≠ "obtaining a full license in the United States."
Reg D filing allows a company to issue security tokens to qualified investors, but it is not a public offering license and does not grant the right to operate a digital asset exchange.
To publicly operate security token trading in the United States, additional licensing requirements such as ATS (Alternative Trading System) or Broker-Dealer must be met.
Currently, the fact that Mystonks Holding LLC's Form D (Reg D Rule 506(c)) can be queried in the SEC EDGAR indicates that it has completed a notification filing for securities (or security tokens) issuance to qualified investors through a private placement exemption. Form D is not SEC approval, nor does it grant the right to publicly sell to non-qualified investors, much less equate to having the qualifications to operate an exchange or facilitate secondary trading of securities.
To trade security tokens publicly, it typically requires registration as an exchange or operation on a regulated ATS, and compliance with Broker-Dealer/FINRA/state Blue Sky requirements.
Therefore, theoretically, Mystonks Holding LLC cannot sell to the public and can only issue to qualified investors, and it does not have the compliance of an exchange.
Secondly, FinCEN (MSB registration) also could not directly locate an entry on the public search page. I do not intend to assume that Mystonks Holding LLC has not obtained MSB registration, but if it has, the FinCEN registration number or the exact legal entity name can be queried on the public MSB website.
Currently, this information cannot be found, and it has not been obtained in any information about Mystonks Holding LLC. The white paper is inaccessible, so it cannot be confirmed whether MyStonks holds a Money Services Business (MSB) license from the U.S. FinCEN.
Then, regarding "collaboration with Fidelity for custody or brokerage," if there is indeed a custody or brokerage collaboration, it is customary for Fidelity to have a retrievable press release or webpage; currently, only unilateral narratives from third-party media have been seen, which have not been verified. There is no information on Fidelity's official website.
The detailed link provided by Mystonks leads to a 404 error. While it cannot be concluded that there is no collaboration with Fidelity, it requires verified document disclosures, including but not limited to custody/brokerage service contract numbers or letters issued by Fidelity (sensitive terms can be redacted, but the header/other party's seal/date should be retained).
From the comprehensive documents currently known, Mystonks Holding LLC does not have sufficient public evidence to prove its "eligibility to sell tokenized stocks to the public." What can be confirmed is that it has completed a Reg D 506(c) private placement filing (limited to qualified investors, which does not equate to public sales or operating exchange qualifications); there are no public records of it as a broker/ATS or other necessary licenses, nor is there an official endorsement link from a custodian (such as Fidelity).
Selling "tokenized stocks" in the U.S. typically falls under selling "securities." To trade or facilitate publicly, one must register as a broker and be registered as an ATS with the SEC (or become a national exchange) and be regulated by FINRA; SEC/FINRA has compliance requirements for ATS and digital asset securities. Currently, there are no public records of Mystonks in the SEC ATS list/disclosure or under the FINRA system.
Similarly, I do not intend to make any assumptions; I only need Mystonks to provide the following information for a comprehensive clarification.
Broker-Dealer registration + FINRA number
ATS (or registered exchange) Form ATS/SEC public disclosure
Product-level registration and exemption documents (prospectus or exemption statement), and custody and/or settlement arrangements, requiring an official announcement from the custodian
If selling to non-U.S. jurisdictions: provide local licensing or application numbers and regulatory website links.
That's all.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
