Is Binance Ex-CEO Changpeng Zhao Involved in Binance Coin ETF Filing?
Highlights
- Bloomberg analyst Eric Balchunas draws connection between VanEck BNB ETF and CZ's crucial statement.
- Binance founder Changpeng Zhao recently adviced BNB's inclusion in the crypto reserve.
- The community speculates that the alleged connection could spark legal complications.
Asset manager VanEck’s Binance Coin (BNB) ETF filing has sparked a flurry of speculation, with Bloomberg analyst Eric Balchunas’ comments fueling further debate about the potential motivations behind the move. The analyst has put forth an intriguing theory, suggesting a possible link between VanEck’s BNB ETF filing and a critical statement made by Binance founder Changpeng Zhao.
Bloomberg Analyst Claims CZs Role in Binance Coin ETF Filing?
In a recent X post, Bloomberg analyst Eric Balchunas provided a wild theory suggesting a possible reason for VanEck’s latest decision to launch a BNB ETF, sparking debate. According to him, VanEck’s ETF move is largely influenced by Binance Founder Changpeng Zhao’s (CZ) advice to accept BNB as a crypto reserve. Balchunas stated,
If you heard CZ speak last week, he said he is advising multiple governments on establishing crypto reserves and looks like he advising BNB be part of the reserve. IMO maybe that’s what caught Jan VanEck’s attn and acted on it. Again, just a theory but it’s a pretty damn logical one.
Notably, Eric Balchunas draws attention to his wild estimation that Changpeng Zhao’s recommendation to include Binance Coin (BNB) in the US crypto reserve has influenced VanEck’s decision.
VanEck BNB Filing: Market Reaction and Implications
Significantly, VanEck’s decision to launch the first ETF linked to Binance’s native token BNB has sparked intense debate within the crypto market. These discussions have been intensified with the Binance founder’s alleged connection with the move, as highlighted by the Bloomberg analyst.
Regulatory Concerns
Moreover, the ETF filing has raised significant regulatory concerns, with critics questioning Binance’s centralized control over the token. As part of the criticism, some call this a “crypto on crypto crime.” Further, the involvement of CZ in advising governments on cryptocurrency reserves, potentially including BNB, adds fuel to the fire, sparking fears of potential regulatory backlash given Binance’s past legal challenges.
Potential BNB Price Movements
Despite prevailing criticisms and debates, the potential Binance Coin (BNB) ETF launch could spark a price rally for the BNB token. Currently trading at $597.96, up 0.24%, BNB is reportedly poised for a price surge following the ETF launch. If approved, the ETF could drive significant institutional inflows, potentially pushing BNB prices higher, reaching an all-time high of $790.
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