{"id":14183,"date":"2023-11-23T08:56:08","date_gmt":"2023-11-23T08:56:08","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14183"},"modified":"2023-11-23T08:56:10","modified_gmt":"2023-11-23T08:56:10","slug":"is-binances-4b-settlement-the-green-light-for-spot-bitcoin-etfs","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14183","title":{"rendered":"Is Binance\u2019s $4B settlement the green light for spot Bitcoin ETFs?"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Binance\u2019s $4.3-billion settlement with the United States was the final hurdle before the country\u2019s securities regulator approves spot Bitcoin (BTC) exchange-traded funds (ETFs), many industry watchers claim.<\/p>\n<p>The settlement involved Binance agreeing to Justice Department and Treasury compliance monitors for up to five years, allowing the agencies sweeping powers to keep the exchange in line with Anti-Money Laundering and sanctions rules, among other things.<\/p>\n<p>The U.S. Securities and Exchange Commission has cited market manipulation when denying spot Bitcoin ETFs, and Binance\u2019s market dominance had to take a hit before BlackRock\u2019s spot BTC ETF application would be approved, according to a June X (Twitter) post by Travis Kling, chief investment officer of Ikigai Asset Management.<\/p>\n<p>\u201cThere is no chance, and I mean zero, that this ETF is approved with Binance in its current position of market dominance,\u201d Kling wrote. \u201cIf this ETF is approved, Binance is either gone entirely or their role in price discovery is massively diminished.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Ok here we go. https:\/\/t.co\/fJ7c3MpaTy<\/p>\n<p>\u2014 Travis Kling (@Travis_Kling) November 21, 2023<\/p>\n<p>Kling\u2019s prediction sparked others to consider how closely BlackRock works with the U.S. government to obtain a favorable position in the spot Bitcoin ETF market. YouTuber Colin Talks Crypto\u00a0said it was suspect that Binance\u2019s settlement happened \u201cright before a Bitcoin ETF comes out.\u201d<\/p>\n<p>\u201cIs it a way for BlackRock to acquire a massive amounts [sic] of BTC for cheap?\u201d he asked. \u201cIs it a way to remove competition from U.S. markets right before the ETFs go live?\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Does it seem fishy to anyone else that #Binance is being found guilty of money laundering right before a #Bitcoin #ETF comes out?<\/p>\n<p>Is there any connection?<\/p>\n<p>For example:<br \/>\u2022 Is it a way for BlackRock to acquire a massive amounts of BTC for cheap\/free?<br \/>\u2022 Is it a way to remove\u2026<\/p>\n<p>\u2014 Colin Talks Crypto  (@ColinTCrypto) November 21, 2023<\/p>\n<p>Others noted that BlackRock and its rival Vanguard together own 11.5% of Binance\u2019s top competitor, Coinbase, and speculated that the action against Binance may have been planned.<\/p>\n<p>BlackRock\u00a0met with the SEC on Nov. 20 and presented how it could use an in-kind or in-cash redemption model for its spot BTC ETF, the iShares Bitcoin Trust.<\/p>\n<p lang=\"en\" dir=\"ltr\">Binance\/DOJ settlement and SEC Spot #Bitcoin ETF approvals are mutuals. <\/p>\n<p>\u2014 Andrew (@AP_Abacus) November 20, 2023<\/p>\n<p>Grayscale also met with the securities regulator on the same day, discussing its bid to list a spot Bitcoin ETF. Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise also await the SEC\u2019s approval of their spot Bitcoin funds.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Binance CEO CZ\u2019s downfall is \u2018the end of an era\u2019 \u2014 Charles Hoskinson<\/em><\/strong><\/p>\n<p>Mike Novogratz, CEO of digital asset investment firm Galaxy Digital,\u00a0said the Binance settlement is \u201csuper bullish\u201d for the cryptocurrency industry.<\/p>\n<p>Not everyone sees the point in guessing if the Binance news will lead to spot BTC ETF approvals.<\/p>\n<p>In a note to Cointelegraph,\u00a0Piper Alderman partner Michael Bacina suggested it is best to let the speculation run its course.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Deposit risk: What do crypto exchanges really do with your money?<\/em><\/strong><\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/is-binance-settlement-greenlight-to-spot-bitcoin-etf\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance\u2019s $4.3-billion settlement with the United States was the final hurdle before the country\u2019s securities regulator approves spot Bitcoin (BTC) exchange-traded funds (ETFs), many industry watchers claim. The settlement involved Binance agreeing to Justice Department and Treasury compliance monitors for up to five years, allowing the agencies sweeping powers to keep the exchange in line [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14184,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-14183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14183"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14183\/revisions"}],"predecessor-version":[{"id":14185,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14183\/revisions\/14185"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14184"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}