Binance settles with U.S. and prepares for ETFs
According to industry observers, Binance’s $4.3 billion settlement with the United States paves the way for the country’s securities regulator to approve spot Bitcoin exchange-traded funds (ETFs).
Spot Bitcoin ETFs Connected to Binance Settlement
Spot Bitcoin ETF decisions are said to be influenced by Binance’s settlement. Market manipulation has been cited when denying spot Bitcoin ETFs and Binance’s market dominance had to take a hit before BlackRock’s spot BTC ETF application would be approved.
Suspicion Around BlackRock
Several industry figures have speculated whether the timing of Binance’s settlement with the U.S. is connected to BlackRock trying to acquire a massive amount of BTC for cheap or remove competition from U.S. markets before the ETFs go live.
Other Players Await Approval
Other industry giants such as Grayscale, Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Bitwise are also waiting for the SEC’s approval of their spot Bitcoin funds.
Positive Impact on Industry
Not everyone is in favor of guessing if the Binance news will lead to spot BTC ETF approvals. However, CEO of digital asset investment firm Galaxy Digital, Mike Novogratz, described the Binance settlement as “super bullish” for the cryptocurrency industry.
Hot Take
It’s best to let the speculation around Binance’s settlement run its course.
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