The physically backed fund gives US investors exchange-traded exposure to the Binance-linked cryptocurrency through traditional brokerage accounts. VanEck launched the first US spot BNB exchange-traded fund on Thursday, giving investors regulated exposure to the Binance-linked cryptocurrency through traditional brokerage accounts. The ETF, trading under the ticker VBNB, is physically backed by BNB (BNB) held in cold storage with a qualified custodian, according to the announcement. BNB is the native token of BNB Chain and is used to pay transaction fees across the network. According to VanEck, the fund is designed to track the spot price of BNB and may later incorporate staking if the issuer determines it can do so without regulatory or legal complications. Read more
The crypto market capitalization has fallen to its lowest level since mid-April after the US carried out strikes on Iran for the second time in three days amid peace talks. Cryptocurrency markets have shed around $80 billion in value over the past 24 hours, with losses accelerating after the US reportedly carried out a new wave of military strikes on Iran. The US military carried out new strikes late on Wednesday targeting an Iranian military site and shooting down four Iranian attack drones, which a US official told Reuters posed a threat around the Strait of Hormuz. “These actions were measured, purely defensive, and intended to maintain the ceasefire,” the official said. Iran’s Islamic Revolutionary Guard Corps reportedly released a statement saying that it has retaliated by attacking a US airbase in Kuwait. Read more
The CFTC claimed that its settled complaint filed under the Biden administration relied heavily on a whistleblower’s allegations that Gemini inflated trading activity to distort user demand. The US Commodity Futures Trading Commission has asked a federal court to vacate its $5 million settlement with crypto exchange Gemini, claiming that the agency’s enforcement action was based on flawed allegations. Gemini settled with the CFTC and paid a $5 million fine in January 2025 in the final weeks of the Biden administration after the agency accused it of making false or misleading statements related to a Bitcoin futures contract. The CFTC filed a joint motion with Gemini in a Manhattan court on Wednesday seeking to vacate the settlement, adding in a statement that it had reviewed the matter and concluded that the “complaint should not have been filed — and would not have been under current enforcement standards.” Read more