SEC Labels Bitcoin ETF Filings Inadequate; Binance Loses Euro Partner

1:45 am
July 2, 2023
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The Securities and Exchange Commission (SEC) has deemed the recent filings for spot Bitcoin exchange-traded funds (ETFs) in the United States as inadequate. The SEC has returned the filings from the Nasdaq and the Chicago Board Options Exchange, stating that they are not “sufficiently clear and comprehensive” and lack information regarding the proposed surveillance-sharing agreement. However, asset managers can still resubmit their applications. Meanwhile, Binance, the popular crypto exchange, has announced that its current euro banking partner, Paysafe Payment Solutions, will no longer support the exchange after September 25. Binance will move to a new service provider for euro deposits and withdrawals via SEPA bank transfer, but the provider has not been named yet.

Frequently Asked Questions (FAQs)

What did the SEC say about the filings for spot Bitcoin ETFs?

The SEC has labeled the filings for spot Bitcoin ETFs by the Nasdaq and the Chicago Board Options Exchange as inadequate. The regulator cited a lack of clarity and comprehensiveness in the filings, particularly regarding the proposed surveillance-sharing agreement.

Can asset managers resubmit their ETF applications?

Yes, asset managers can still resubmit their applications for spot Bitcoin ETFs. While the SEC has deemed the initial filings inadequate, the asset managers have the opportunity to address the concerns raised by the regulator and submit revised applications.

Why is Binance losing its euro banking partner?

Binance has announced that its current euro banking partner, Paysafe Payment Solutions, will no longer support the exchange after September 25. The reason for the termination of their partnership has not been disclosed. Binance will switch to a new service provider for euro deposits and withdrawals via SEPA bank transfer, but the provider has not been named.

What challenges has Binance been facing recently?

Binance has been facing regulatory scrutiny from various countries, which has led to the exchange ceasing operations in some regions. The loss of its euro banking partner adds another challenge for the exchange. Despite these challenges, Binance remains one of the leading crypto exchanges globally.


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