Many industry watchers claim that Binance’s $4.3 billion deal with the United States was the final hurdle before the country’s securities regulator could approve a spot Bitcoin exchange-traded fund (ETF).
disposal This includes the consent of Binance The Justice Department and the Treasury monitor compliance for up to five years, giving the agencies broad powers to keep exchanges in compliance with anti-money laundering and sanctions rules, among other things.
Binance’s market dominance had already suffered a blow as the Securities and Exchange Commission cited market manipulation when denying a spot Bitcoin ETF. BlackRock’s Spot BTC ETF Application will be accepted, According Posted by Travis Kling, Chief Investment Officer, Ikigai Asset Management on June 11, 2019 (Twitter)
“There is no chance, and I mean zero, that this ETF gets approved with Binance in its current position of market dominance,” Kling wrote. “If this ETF is approved, Binance will either be eliminated entirely or their role in price discovery will be massively diminished.”
OK here we go. https://t.co/fJ7c3MpaTy
– Travis Kling (@Travis_Kling) 21 November 2023
Kling’s prediction led others to consider how closely BlackRock works with the US government to obtain favorable positions in the spot Bitcoin ETF market. YouTuber “Colin Talks Crypto” Said It was suspected that the Binance deal occurred “right before the Bitcoin ETF came out.”
“Is this a way for BlackRock to make huge sums of money [sic] of BTC cheaply?” He asked. “Is this a way to remove competition from US markets right before the ETF goes live?”.
Does this sound fishy to anyone else? #Binance being found guilty of money laundering just before #Bitcoin #ETF comes out?
Is there any relation?
For example:
• Is this a way for BlackRock to get huge amounts of BTC for cheap/free?
• Is there any way to remove this…– Colin Talks Crypto (@ColinTCrypto) 21 November 2023
Other noted BlackRock and its rival Vanguard own 11.5% of Binance’s top rival Coinbase and there is speculation that the action may have been planned against Binance.
BlackRock meets with SEC on November 20 and presented how it could use an in-kind or in-cash redemption model for its spot BTC ETF, the iShares Bitcoin Trust.
Binance/DOJ Settlement and SEC Spot #Bitcoin ETF approvals are reciprocal.
-Andrew (@AP_Abacus) 20 November 2023
grayscale too met the securities regulator The same day, its bid to list a spot bitcoin ETF was discussed. Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise are also awaiting SEC approval for their spot bitcoin funds.
Connected: Binance CEO CZ’s fall is ‘the end of an era’ – Charles Hoskinson
Mike Novogratz, CEO of digital asset investment firm Galaxy Digital Said Binance settlement is “super bullish” for the cryptocurrency industry.
Not everyone understands the point of speculating whether a BTC ETF will be approved by the Binance news.
In a note to Cointelegraph, Michael Bakina, partner at Piper Alderman, suggested it was best to let speculation take its course.
magazine: Deposit Risk: What Do Crypto Exchanges Really Do With Your Money?
