Latest news with #Changpeng'CZ'Zhao
Crypto Insight
06-05-2025
- Business
- Crypto Insight
VanEck files for BNB ETF, first in US
Asset manager VanEck has asked US regulators for permission to list an exchange-traded fund (ETF) holding BNB, the native token of Binance's BNB Chain, regulatory filings show. The ETF is designed to accumulate spot BNB tokens and 'may, from time to time, stake a portion of the [fund's] assets through one or more trusted staking providers,' according to the ETF's S-1 prospectus. The filing marks the first time an asset manager has filed for a BNB ETF in the United States. The BNB token has a market capitalization of roughly $84 billion, according to data from CoinMarketCap. As of May 5, BNB stakers earn a yield of approximately 2.5%, according to data from Binance's BNB Chain is among the most popular smart contract networks, with a total value locked (TVL) of nearly $6 billion, according to data from DefiLlama. Bitcoin's 'spillover' effect? The filing comes days after Binance co-founder Changpeng 'CZ' Zhao reportedly said he expects the popularity of Bitcoin ETFs to eventually 'spill over' into altcoins. 'This cycle so far has been the ETFs. And it's almost all Bitcoin. Ether hasn't had as much success but Bitcoin success will spill over to the others eventually,' CZ reportedly said during the Token2049 conference in Dubai. Spot Bitcoin ETFs attracted net inflows of more than $40 billion since launching in January of 2024, according to data from Farside Investors. VanEck's filing is the newest in a flurry of filings seeking to list ETFs holding altcoins. The US Securities and Exchange Commission (SEC) has acknowledged dozens of cryptocurrency ETF proposals since US President Donald Trump took office on Jan. 20. They include plans for ETFs holding native layer-1 tokens such as Solana as well as memecoins such as Dogecoin. VanEck has filed to list other cryptocurrency ETFs over the past few months, including funds holding Solana and Avalanche. Source:
Yahoo
08-04-2025
- Business
- Yahoo
Binance Co-Founder Changpeng Zhao Joins Pakistan's Crypto Council To Advise on Digital Asset Regulation and Investment Strategy
Changpeng 'CZ' Zhao, former CEO of Binance, has joined Pakistan's newly formed Crypto Council as a strategic advisor. The council, established in March 2025, aims to guide Pakistan's push to attract foreign investment by focusing on digital asset regulations, infrastructure, education, and adoption. Zhao's involvement follows the council's first meeting on March 21. In a statement on social media, Zhao clarified that his role is to provide advice on crypto regulation and blockchain solutions but not to engage in political matters. The formation of the Pakistan Crypto Council is part of a broader effort by the country to position itself as a leader in blockchain technology in South Asia. Bilal Bin Saqib, CEO of the council, has stated that Pakistan wants to create a favorable legal framework to attract international investors and ensure institutional adoption of blockchain-powered finance. This move is also a response to the broader global push for digital asset regulation, especially following the U.S. government's increasing focus on crypto under President Trump. Pakistan's decision to ramp up its crypto efforts comes amid a downturn in foreign direct investment (FDI). In February 2025, the country saw a 45% drop in FDI compared to the previous year. This decline has raised concerns about the country's ability to attract foreign capital, making the council's work even more crucial. The council's goal is to provide regulatory clarity and foster an environment conducive to crypto business growth, which will be key in reversing the investment slowdown. Zhao has been reintegrating into the Web3 space, investing in projects such as YZi Labs, a venture firm focused on blockchain innovations. Additionally, he launched Giggle Academy, a nonprofit platform aimed at providing digital education to students from grades one to 12. Zhao's return to prominence in the crypto space comes as Binance continues to strengthen its position in the region. In March 2025, Binance secured $2 billion in funding from MGX, an Abu Dhabi-based technology firm. The funding deal marked one of Binance's largest rounds and secured a minority stake for MGX in the exchange. Binance has also continued to lead the cryptocurrency spot market, handling $651.5 billion in trades in February 2025, which accounted for 36.8% of the global market. As Zhao embarks on his advisory role in Pakistan, the country's government remains focused on creating a regulatory framework that will allow it to keep pace with global trends in digital asset adoption. Sign in to access your portfolio
Yahoo
09-02-2025
- Business
- Yahoo
BNB Chain Test Token Hits $35M Before Crashing as Meme Coins Face Legal Scrutiny in U.S.
A test token created for a BNB Chain tutorial unexpectedly surged to a $35 million market cap before crashing to around $15 million. The token, TST, was part of a step-by-step video walkthrough on how to launch a meme coin using the platform. Binance co-founder Changpeng 'CZ' Zhao stated on X that the token's name was briefly visible in a single frame of the tutorial video. After realizing the issue, a BNB Chain team member removed the video, but Zhao later instructed them to restore it. At the time of Zhao's post, the token's market cap was roughly $494,000. He clarified that the token was not an official BNB Chain project and was only meant for demonstration purposes. Meme coins have recently come under legal scrutiny in the United States. a meme coin launch platform on the Solana network, is currently facing a proposed class-action lawsuit. Filed by Diego Aguilar in the Southern District of New York on Jan. 30, the lawsuit alleges that the platform marketed and sold unregistered securities. It argues that speculative trading and market manipulation in meme coins have undermined trust in cryptocurrency markets and damaged the credibility of blockchain technology. The controversy surrounding meme coins has also reached the political sphere. U.S. President Donald Trump's meme coin launch in January 2025 sparked criticism from lawmakers and attorneys. Attorney David Lesperance claimed that the meme coin violated the U.S. Constitution and warned that it could create a risk of foreign influence over the president. Massachusetts Senator Elizabeth Warren also called for an investigation into the Official Trump (TRUMP) meme coin, citing similar concerns. Despite these controversies, meme coins continue to attract traders looking for quick gains. The volatility of tokens like TST demonstrates the ongoing speculation in the space, even when projects have no official backing or intrinsic value. Sign in to access your portfolio
