Just days after a surprise meeting between VanEck CEO Jan van Eck and Binance founder Changpeng Zhao (CZ) at the TOKEN2049 conference in Dubai, VanEck filed for the first-ever spot BNB ETF in the United States.
The move caught the crypto community off guard, especially given Binance’s recent legal troubles. CZ stepped down as CEO, served four months in prison, and Binance paid over $4 billion to settle charges with U.S. regulators. Now, with the dust starting to settle, is CZ quietly shaping Binance’s comeback?
According to Bloomberg ETF analyst Eric Balchunas, the timing may not be a coincidence. He pointed out that CZ recently said he is advising multiple governments on building crypto reserves — and that BNB could be part of those reserves. Balchunas added, “It’s just a theory, but a pretty damn logical one,” suggesting this may have influenced VanEck’s decision.
VanEck filed its S-1 filing for the BNB ETF on May 5, 2025, only four months following Donald Trump’s winning of his second presidential mandate. The ETF would provide U.S. institutions with regulated exposure to BNB. The filing doesn’t include staking, though, a feature that is still missing in U.S. spot Ethereum ETFs and might constrain investor demand.
BNB, Binance’s native currency, has trailed Ethereum, Solana, and Polygon in more recent themes such as tokenization and NFTs. Yet the ETF filing has served BNB well, reversing recent declines and besting Bitcoin and Ethereum over a 24-hour period.
While the ETF could take months or even years to get approved, it would be a major milestone for BNB if successful. Still, regulatory uncertainty remains the biggest hurdle. The SEC previously labeled BNB an unregistered security, a claim later walked back but never formally resolved.
Though there’s no confirmed link between CZ and the ETF filing, the timing and context suggest his influence still looms large. Whether intentional or not, VanEck’s move could mark a pivotal moment for BNB — if regulators allow it.
Also Read: VanEck Files for First-Ever Binance Coin (BNB) ETF in the US
