Bitcoin ETF

Bitcoin

Spot

The investors seem to have remained concerned amid Binance CEO Changpeng Zhao’s $50 million plea deal and <a href="https://coingape.com/former-binance-ceo-cz-released-from-custody-on-175-million-bond/" target="_blank" rel="noopener">Binance’s $4.3 billion settlement</a> have sent ripples through the crypto world. In contrast to the recent market sentiment, Matrixport analyst Markus Thielen believes this outcome is a boon for Binance, predicting its continued dominance for the next 2-3 years. 
In addition, Thielen anticipates a surge in compliant exchanges and sees this settlement as a catalyst for the long-awaited approval of a spot Bitcoin ETF in the United States. 
<h2 id="binance-settlement-set-to-propel-bitcoin-etf-expectations">Binance Settlement Set To Propel Bitcoin ETF Expectations</h2> 
Matrixport’s Markus Thielen emphasizes the regulatory impact of <a href="https://coingape.com/binance-settlement-triggers-unexpected-crypto-market-downturn/" target="_blank" rel="noopener">Binance’s settlement</a>, stating that the industry’s cleansing by US agencies positions Bitcoin as a safe-haven asset. Meanwhile, the predicted surge in compliant exchanges, coupled with increased scrutiny, sets the stage for the long-anticipated approval of a <a href="https://coingape.com/education/bitcoin-spot-etf/" target="_blank" rel="noopener">Bitcoin Spot ETF</a>. 
Notably, Thielen asserts that the settlement dramatically increases the probability of a Bitcoin Spot ETF in the coming year in a recent CNBC <a rel="nofollow" href="https://www.cnbc.com/video/2023/11/22/crypto-trading-will-move-from-unregulated-to-regulated-exchanges.html" target="_blank">interview</a>, marking a pivotal shift from unregulated to regulated exchanges in the crypto landscape. 
As the industry adjusts to a more regulated environment, institutions are expected to take center stage in 2024, with Bitcoin potentially becoming a focal point in investors’ portfolios. Meanwhile, the future, shaped by regulatory winds and institutional adoption, promises transformative developments in the crypto space. 
Also Read: <a href="https://coingape.com/breaking-sam-altman-returns-to-openai-what-about-microsoft-now/" target="_blank" rel="noopener">Sam Altman Returns to OpenAI, What About Microsoft Now?</a> 
<h2 id="legal-turbulence-of-binance">Legal Turbulence Of Binance</h2> 
According to recent reports, Binance CEO CZ has agreed to pay a $50 million fine, while Binance faces a $4.3 billion payout. In contrast, Matrixport analyst Markus Thielen views this as a favorable outcome, suggesting that with CZ stepping down and the fine being less than feared of around $10 billion. In addition, he is anticipating that Binance is poised to maintain its top-three <a href="https://coingape.com/glossary/Crypto-exchange-2/" target="_blank" rel="noopener">crypto exchange</a> status for the foreseeable future. 
The settlement, addressing money laundering violations and other charges totaling $898 million, includes agreements with FinCEN, OFAC, and CFTC, with $1.8 billion earmarked for these agencies. While CZ is barred from operating a business for three years, the possibility of a ‘clean’ return to Binance remains open. 
Notably, Changpeng ‘CZ’ Zhao, co-founder and former CEO, has <a href="https://coingape.com/breaking-binance-exchange-names-richard-teng-as-new-ceo/" target="_blank" rel="noopener">appointed Richard Teng</a>, the former Head of Regional Markets, as his successor. 
Also Read: <a href="https://coingape.com/grayscale-meets-secs-trading-and-markets-division-over-spot-bitcoin-etfs-whats-next/" target="_blank" rel="noopener">Grayscale Meets SEC’s Trading and Markets Division Over spot Bitcoin ETFs, What’s Next?</a> 
The post <a rel="nofollow" href="https://coingape.com/matrixport-analyst-predicts-bitcoin-etf-surge-after-binance-4-3-bln-settlement/">Binance’s $4.3 Billion Settlement Fuels Predictions Of Bitcoin ETF Surge</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Binance’s $4.3 Billion Settlement Fuels Predictions Of Bitcoin ETF Surge

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