Binance’s passage through legal processes was interpreted as the removal of the last obstacle to Bitcoin spot ETFs.
The cryptocurrency market was revived in 2023 with the moves of corporates. The event that left its mark on the year was Bitcoin spot ETF applications. Bitcoin spot ETF applications by major asset managements such as BlackRock and Fidelity increased bullish expectations. However, the SEC has not yet responded favorably to these applications.
According to some names, the recent events of Binance, whose market dominance in the crypto market is over 50 percent, have positively affected the course of Bitcoin spot ETFs. According to comments, the SEC may accept ETFs, ahead of Binance.
Binance was fined, Bitcoin ETF expectations increased
Some names in the crypto market argued that the possibility of approval of Bitcoin spot ETFs increased with Binance facing legal sanctions.
Experts stated that more shares will flow to Coinbase regarding market dominance and that Coinbase will serve many institutions in Bitcoin ETFs. For this reason, it is among the allegations that Binance was sanctioned to highlight Coinbase.
A crypto executive had stated in recent months that spot Bitcoin ETFs would only be approved after Binance loses market dominance.
Last day, Binance settled with the US Department of Justice (DOJ) and pleaded guilty to money laundering charges. Binance paid a penalty of $4.3 billion. CZ was released on $175 million bail. Additionally, CZ stepped down as CEO of Binance.
Market expert and investment chief Travis Kling stated that ETFs will not be approved as long as Binance dominates the crypto market. King predicted that Binance would take a hit and the BlackRock ETF would be adopted. Then, the Binance agenda, which created a bombshell effect, turned the arrows towards King.
Lots of chatter on this Blackrock #Bitcoin ETF. And rightfully so. Blackrock more or less IS is the US government. They’ve also received approval on 575/576 of ETF applications.
One thing I’ll say- there is no chance, and I mean zero, that this ETF is approved with Binance in…
— Travis Kling (@Travis_Kling) June 16, 2023
Mike Novogratz, CEO of digital asset investment company Galaxy Digital, also commented on the issue. Novogratz stated that the Binance agreement was an excellent event for crypto.
YouTuber Colin Talks Crypto has similar thoughts. Colin claimed that it was doubtful that the Binance deal would come before Bitcoin ETFs were approved. Speaking on the subject, Colin asked: “A way for BlackRock to acquire large amounts of BTC cheaply?” said.
https://twitter.com/ColinTCrypto/status/1727029662662959313
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