VanEck Moves Closer To US Binance Coin ETF — But Will The SEC Play Ball?

VanEck has made a big move in bringing a Binance Coin BNB/USD ETF to the United States. The company recently registered for a BNB ETF trust in the state of Delaware, an important milestone for the crypto asset. ​

What This Means for BNB

This action positions Binance Coin with other giant cryptocurrencies—Bitcoin, Ethereum, Solana, and Avalanche—for which ETF filings have been submitted in the country. BNB may have global exchange-traded products (ETPs) such as the 21Shares Binance BNB ETP but has never had one based in the U.S. If approved, VanEck’s ETF will mirror the price of BNB, offering investors a more convenient means of acquiring exposure to the token.

BNB is trading at around $587.46 at the time of publishing, having lost 2.66% over the past 5 days. Trading volume rose by a massive 42% to over $2.12 billion after VanEck took this step. Being the fifth-largest cryptocurrency on a market cap basis, bringing a spot ETF to the market could legitimize and extend its appeal among retail and institutional investors further.​

Also Read: Grayscale Moves To Mainstream Crypto With ETF Filings For Avalanche, Top Tokens

A Long Road Ahead

Though this is a major step, it’s only the first. Registration of a trust in Delaware is a first step prior to making a formal application to the U.S. Securities and Exchange Commission (SEC). VanEck, like other asset managers, has been making efforts to launch new regulated cryptocurrency investment products in the U.S. market.

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The company has already obtained SEC approval for spot Ethereum and Bitcoin ETFs, showing that it can meet the challenging regulatory environment. ​

What’s Next?

The question now is whether the SEC will be open to a BNB ETF. The regulator has been wary of approving crypto ETFs other than Bitcoin and Ethereum, but with increased interest in Solana and Avalanche ETFs, the winds could be changing. If VanEck manages to win approval, it could pave the way for more diversified crypto investment vehicles in the U.S.​

For now, investors and crypto enthusiasts will be watching closely as VanEck makes its case for the first-ever U.S.-based BNB ETF.

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