Is Binance’s $4B settlement the green light for spot Bitcoin ETFs?
cointelegraph.comBinance’s $4.3 billion settlement with the United States was the final hurdle before the country’s securities regulator approves spot Bitcoin 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 with Anti-Money Laundering and sanctions rules, among other things.
The Securities and Exchange Commission has cited market manipulation 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, according to a June X (Twitter) post by Travis Kling, chief investment officer at Ikigai Asset Management.
“There is no chance, and I mean zero, that this ETF is approved with Binance in its current position of market dominance,” Kling wrote. “If this ETF is approved, Binance is either gone entirely or their role in price discovery is massively diminished.”
Ok here we go. https://t.co/fJ7c3MpaTy
Kling’s 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” said it was suspect that Binance's settlement happened "right before a Bitcoin ETF comes out."
“Is it a way for BlackRock to acquire a massive amounts [sic] of BTC for cheap?” he asked. “Is it a way to remove competition from U.S. markets right before the ETFs go live?”
Does it seem fishy to anyone else that #Binance is being found guilty of money laundering right before a #Bitcoin #ETF comes out?
Is there any connection?
For example:
• Is it a way for BlackRock to acquire a massive amounts of
