The stunning downfall of crypto exchange giant Binance and its founder Changpeng “CZ” Zhao is boosting hopes that U.S. regulators will finally approve spot bitcoin exchange-traded funds (ETFs).
Keypoints
- Binance CEO CZ pleaded guilty to sanctions violations and stepped down as part of a $4.3 billion settlement
- Some observers believe CZ’s demise clears the path for approval of spot bitcoin ETFs in the US
- A former portfolio manager said earlier there’s “no chance” of an ETF while opaque Binance dominates
- The SEC faces deadlines in the next two months to decide on several proposed bitcoin ETF rule changes
- Removing dominant Binance from its key role may make regulators comfortable greenlighting bitcoin investment vehicles
CZ pleaded guilty to sanctions violations on Tuesday and stepped down from leading Binance as part of a settlement with U.S. authorities totaling a whopping $4.3 billion. According to court…
