The world’s largest asset manager will be using Coinbase Custody – an offline storage solution for digital assets – for the ETF, and the crypto exchange’s spot market data for pricing, the report added.
The spate of filings from the so-called “traditional finance” heavyweights has breathed some life into an ailing crypto industry, with bitcoin hitting a one-year high over $31,000 on June 23.
To make certain that U.S.
customer assets do not go offshore, the agreement allows only Binance.US employees access to these assets. The agreement, disclosed in court papers filed late on Friday, still requires the approval of the federal judge overseeing the litigation.
Hong Kong’s push for banks to accept crypto clients comes at a time when countries such as the U.S.
are doubling down on crypto exchanges, with the U.S. affiliate of Binance halting dollar deposits last week after the Securities and Exchange Commission asked a court to freeze its assets. (Reporting by Rahat Sandhu, Nilutpal Timsina and Kanjyik Ghosh in Bengaluru; Additional reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi Aich, Sherry Jacob-Phillips and Nivedita Bhattacharjee)
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The lawsuit was filed one day after the SEC sued Binance, the world’s largest cryptocurrency exchange, accusing it of inflating trading volumes, mishandling customer funds and lying about its operations.
France is also probing Binance, which has decided to quit the Dutch market because it was unable to meet registration requirements to operate as a virtual asset service provider.
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The move by Andreessen comes at a time when the U.S.
Securities and Exchange Commission (SEC) has been cracking down on the crypto industry, suing cryptocurrency exchanges Coinbase and Binance last week for allegedly breaching its rules.
BlackRock, the world’s biggest asset manager, filed last week for the exchange which would allow investors to get stakes in the asset class. The Wall Street Journal reported on Tuesday that EDX Markets, a crypto exchange backed by Citadel Securities, Fidelity and Schwab had started operations.
“The fact that BlackRock, a well-respected and established asset management company, has filed for a Bitcoin ETF could be seen as a positive development in the quest for regulatory approval,” said Joshua Chu, group chief risk officer at blockchain technology group XBE, Coinllectibles and Marvion.
The London office, set to open later this year, will work with universities in the UK and support the development of blockchain technologies and startups, the company said in a statement, adding that it will be led by one of the firm’s general partners, Sriram Krishnan.
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Under other provisions in the proposed agreement, Binance.US will create new crypto wallets to which the global exchange’s employees have no access, provide additional information to the SEC and agree to an expedited discovery schedule, the filings said.
“Some of the most vocal anti-crypto folks are Democrats and some of the most pro-crypto folks have been Republican,” said Carol Rose Goforth, professor of law at the University of Arkansas.
France is also probing Binance, which has decided to quit the Dutch market because it was unable to meet registration requirements to operate as a virtual asset service provider.
June 18 (Reuters) – Binance has issued a cease and desist order to “Binance Nigeria Limited”, Binance CEO Changpeng Zhao said in a tweet on Sunday, calling the Nigerian company a “scammer entity”.
Plans for BlackRock’s ETF were reported by CoinDesk earlier in the day. (Reporting by Manya Saini and Niket Nishant in Bengaluru; Ankur Banerjee and Rae Wee in Singapore; Editing by Devika Syamnath and Pooja Desai)