How Binance jeopardizes efforts for a spot Bitcoin ETF

How Binance jeopardizes efforts for a spot Bitcoin ETF
The dominance of Binance in the Bitcoin market jeopardizes the applications of multiple firms to get a spot Bitcoin ETF approved. Binance controls more than half of the cryptocurrency market.
The SEC requires the majority of bitcoin trading on venues that are both regulated and significant. Therefore, Binance needs to be eliminated and other venues like Coinbase need to take its place in order for a US Bitcoin ETF to get approved.
The SEC sued Binance in early June for operating an illegal trading platform, as well as misuse of customer funds.
Binance was founded in Shanghai in 2017. It has approximately 120 million users and 7,400 employees. Binance.com is the world’s largest cryptocurrency exchange. It processed $65 billion a day last year. It dominates the crypto market by controlling more than half of it.
Binance is a private company, and its finances are a secret. We do not know its true revenue, profit, or even cash reserves.
Binance jeopardizes progress towards a US Bitcoin ETF because it controls more than half of the market. Binance either become regulated by the US government, or it must be stopped. It is impeding the profit of making Bitcoin mainstream.
For Bitcoin to gain wider adoption, we need Bitcoin ETFs that boomers can invest their retirement savings in. To accomplish this, Binance must either be regulated, or dismantled.

Works Cited:
https://www.reuters.com/technology/binance-worlds-top-crypto-exchange-center-us-investigations-2023-03-27/
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