CZ clears the way for approval of spot bitcoin ETFs?
Rumors intensified throughout the day on Nov. 21 that the U.S. Department of Justice and the Binance exchange reached a settlement. Binance is paying about $4 billion in fines. And the Department of Justice dismisses the charges of money laundering brought against the exchange.
However, the reality turned out to be a bit different. Unexpectedly, the CEO of CZ lost his position and may also receive a real prison sentence. Up to 18 months. The decision will not be made by the court until February 2024. But CZ got the opportunity to remain the main shareholder of Binance.
Against this backdrop, Binance exchange token BNB, which had been rising for the past couple of days, fell sharply, pulling other assets with it. The market did not expect such strong consequences for the leading crypto exchange.
Looking a bit ahead, the decision could be a significant positive. The US Treasury and Justice Departments have shown the world that they work effectively. And are equally effective at punishing wrongdoing. Thus, we no longer see a wild market, but something manageable.
And since the market has become manageable and driven into certain limits, we can introduce spot ETFs without fear of losing face. If this theory is true, then that's why both sides were eager to finalize the agreement so quickly. The Jan. 10 deadline for the SEC to approve or reject the latest filings from major U.S. companies like Black Mountain is less than two months away.
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