Investment firm VanEck has filed an application to register a Binance Coin ETF in Delaware, US. If approved, this will be the first BNB ETF in the US.
VanEck's Bold Move
VanEck, a renowned investment firm, has submitted an application for a Binance Coin (BNB) ETF registration in Delaware, USA. This is their fifth ETF-related attempt, having previously filed for Bitcoin, Ethereum, Solana, and Avalanche. If the US Securities and Exchange Commission (SEC) approves the application, it will become the first BNB ETF in the USA. While 21Shares has a similar product, it is not US-registered.
BNB Price Reaction
BNB's 24-hour trading volume reached $1,725,542,807. Over the past month, the BNB market saw a 1.1% increase, though its price fell 4.7% in the last week and 2.5% in the past 24 hours. Reports indicate that following VanEck's filing, BNB's trading volume rose by at least 42%.
Regulatory Challenges
VanEck's BNB ETF filing is a preliminary step, with SEC approval uncertain due to regulatory issues linked to Binance, BNB's issuer, facing global scrutiny over compliance, money laundering, and operational practices.
Interest in crypto ETFs continues to rise, as shown by significant market movements. If VanEck's application is approved, it will be a significant milestone in the cryptoinvestment landscape.
