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Who is allowed to buy tokenized stocks

The published exclusion lists for Backed, Ondo and Dinari — and why "available in 150 countries" is not the same as "available to you".

Who is allowed to buy tokenized stocks

Every issuer in this index excludes jurisdictions, and the most common exclusion is the one most English-language readers live in: the United States.

The lists, as published

Ondo Global Markets publishes prohibited persons explicitly. The list includes Afghanistan, Belarus, Canada, Crimea and the occupied regions of Ukraine, Cuba, the Democratic Republic of Korea, Iran, Libya, Myanmar, Russia, Somalia, South Sudan, Sudan, Syria and the United States — plus US persons within the meaning of Rule 902 of Regulation S. Entities controlled 50% or more by prohibited persons can also be prohibited.

Backed / xStocks are not offered to US persons. Availability otherwise depends on the selling venue and its own licensing.

Dinari sells through partners; the partner's KYC and jurisdiction rules decide, and the token itself is available on seven chains regardless of who is allowed to hold it.

Why the chain does not have a border guard

A token contract will accept a transfer from any address. That is a property of the technology, not a permission. Holding a token you were not eligible to acquire does not create a redeemable claim — Ondo's documentation is explicit that prohibited persons have no rights under its offering documents.

The three questions to answer before you buy

1. Where are you tax-resident and physically located? These are not always the same, and issuers usually care about both.

2. Does the issuer's prohibited list include it? Read the issuer's page, not a listicle. The lists change.

3. Does the venue you would use serve your jurisdiction? A venue can be available in your country while the issuer's tokens are not.

What "not available" looks like in practice

  • Onboarding refuses your document.
  • The token is listed but the buy button is disabled.
  • You can buy on a DEX but cannot redeem at the issuer, because redemption requires KYC you cannot pass.

The third case is the dangerous one: you hold something you can only sell to someone else, at whatever price they offer.

*This page summarises what issuers publish. It is not legal advice, and the issuer's terms at the time you buy govern.*

Written for this index. Fee and eligibility statements are quoted from the issuer or venue and dated on /venues and /method. Not investment or tax advice.