– A crypto executive predicted five months ago that spot Bitcoin ETFs would only be approved after Binance lost ground on its market dominance.
– Binance’s $4.3 billion settlement with the United States was seen as the final hurdle before the country’s securities regulator approves spot Bitcoin ETFs.
– The settlement involved Binance agreeing to compliance monitors for up to five years, giving the agencies powers to ensure compliance with Anti-Money Laundering and sanctions rules.
– The U.S. Securities and Exchange Commission has cited market manipulation as a reason for denying spot Bitcoin ETFs, and Binance’s market dominance needed to be diminished before BlackRock’s spot BTC ETF application would be approved.
– Some speculate that the timing of Binance’s settlement is suspicious, suggesting it may be a way for BlackRock to acquire BTC at a cheaper price or remove competition from U.S. markets before ETFs go live.
– It is noted that BlackRock and its rival Vanguard own a significant stake in Coinbase, Binance’s top competitor, leading to speculation that the action against Binance may have been planned.
– BlackRock and Grayscale met with the SEC to discuss their spot Bitcoin ETF applications, along with several other firms awaiting approval.
– Mike Novogratz, CEO of Galaxy Digital, sees the Binance settlement as bullish for the cryptocurrency industry.
– Some believe it is best to let the speculation regarding the impact of the Binance news on spot BTC ETF approvals run its course.
