BlackRock: World's Largest Asset Manager to Offer Bitcoin ETF?

Recently, numerous new and established players have submitted applications for a spot bitcoin ETF, only to have the Securities and Exchange Commission (SEC) dismiss each one. However, last week brought a twist when BlackRock, the global wealth management giant, submitted its application. This development sparked renewed interest in the prospect of a bitcoin ETF. But why does this matter?

Let's first touch on some recent news from Binance.

Binance's Exit from The Netherlands

Binance has announced the cessation of its services for Dutch customers:

• New user registrations from The Netherlands have been stopped.
• From July 12, Dutch users can no longer trade on the platform.
• As of July 17, Dutch users cannot make purchases or deposits.
• After July 17, Dutch users can only withdraw their assets.

If you have a Binance account, ensure to consolidate and transfer your assets before July 12 to avoid them being stuck indefinitely.

BlackRock's Bitcoin ETF: A Game Changer?

An Exchange-Traded Fund (ETF) is designed to track the price of one or more tradeable assets on the stock market. A bitcoin ETF would thus allow investors to gain exposure to the price trajectory of bitcoin without going through the process of buying it themselves.

The approval of a bitcoin ETF could make bitcoin investment more accessible, possibly even attracting a new group of investors. The approval could also be seen as a mark of maturation and validation of bitcoin as an investment.

The issue with establishing a bitcoin ETF in the U.S. thus far has been the risk of price manipulation in the markets where bitcoin is traded. According to CoinDesk, BlackRock may have found a way to mitigate this risk by including a surveillance-sharing agreement with the trading platform used for bitcoin trading in its application to the SEC.

With only one of its 576 ETF applications ever rejected, BlackRock certainly has a strong track record. Whether this will play in their favor for the bitcoin ETF remains to be seen.

Binance Under Fire Globally

Meanwhile, Binance is facing regulatory scrutiny around the world. In France, Binance is reportedly under investigation for illegally recruiting clients and serious money laundering during the period it operated in the French market without regulatory approval.

In other news, Binance has withdrawn its registration in the UK and intends to rescind its registration in Cyprus. In the U.S., however, Binance achieved a minor victory with a judge ruling against a request by regulators to freeze all its business assets.

Wrapping Up

The news of BlackRock's application for a Bitcoin ETF has stirred a lot of speculation among analysts. Some suggest political motives while others see a larger policy shift or even conspiracy theories. However, it could simply be a result of increased demand and progress in understanding. Time will tell whether BlackRock's application will be successful.

Other Noteworthy Developments:

• Bank of China issues bonds as Ethereum tokens in collaboration with UBS. The total issue amounts to $28 million.

• Hong Kong-based exchange CoinEx settles with American justice, returning $1.1 million to U.S. customers and paying a fine of $600,000. CoinEx has decided to leave the U.S. market.

• The Hong Kong regulator is pressuring banks to accept crypto customers. This is in a bid to bring banks and crypto companies closer together.

Stay tuned for more updates next week!