VanEck Applies To Launch The First BNB ETF In The US

VanEck BNB ETF Application – Key Developments

On March 31, 2025, US asset management giant VanEck officially registered the “VanEck BNB Trust” in Delaware (file number 10148820), taking the first step toward applying for the first BNB ETF in the US. This trust will join crypto ETFs for Bitcoin, Ethereum, Solana, and others, marking the fifth independent crypto ETF product in VanEck’s portfolio. This move signifies the first time BNB has entered the mainstream US financial instruments arena. However, unlike other crypto assets, BNB faces more complex legal controversies and regulatory scrutiny.

Currently, BNB-related financial products such as the 21Shares Binance BNB ETP are operating in international markets like Switzerland (as of March 2025, with a management scale of approximately $15.3 million), yet no BNB ETF has been approved in the US. VanEck’s application fills this gap, though it must pass strict SEC review concerning token classification, custodial compliance, and market manipulation risks.

Legal Controversies and Regulatory Barriers for BNB

The ETF application faces two major challenges:

Securities Classification Dispute

In its 2023 lawsuit against Binance, the SEC clearly classified BNB as a security, and this stance was reaffirmed in cases involving exchanges such as Coinbase and Kraken in 2024. Should the SEC maintain this classification, the ETF would be unable to gain approval as it would not meet registration requirements under the Securities Act.

Exchange Association Risks

The strong ties between BNB and the Binance ecosystem may raise concerns about conflicts of interest. Although Binance reached a settlement with the US Department of Justice and paid a $4.3 billion fine, its global operations remain under scrutiny by regulators in multiple countries, increasing the SEC’s concerns about potential market manipulation in the ETF.

It is worth noting that the new SEC Chair, Paul Atkins, who assumed office in January 2025, advocates for advancing crypto regulation through clear rules rather than litigation—potentially easing the ETF review process. However, in the short term, the SEC must resolve the securities classification issue for BNB or rely on a court decision to overturn previous determinations; otherwise, the application might be delayed or rejected.

Market Impact and Investor Strategies

If the BNB ETF is approved, it could trigger several ripple effects:

Enhanced BNB Liquidity

The ETF would attract traditional financial institutions, boosting BNB’s market cap. Based on the Bitcoin spot ETF experience (with assets under management surpassing $40 billion shortly after its 2024 listing), a BNB ETF could bring in billions of dollars in new capital.

Regulatory Benchmarking Effect

A successful listing would encourage more institutions to apply for ETFs based on controversial tokens such as XRP and ADA, accelerating the process of crypto asset compliance. However, the SEC may prioritize non-disputed assets (such as LTC or DOGE), so BNB’s priority will depend on legal developments.

Investors should consider the following risks and strategies:

• Legal Risk Hedging:
  Diversify by investing in tokens without securities controversies (e.g., BTC, ETH) or participate in international markets through compliant channels like 21Shares products.

• Time Cost Assessment:While the SEC’s typical approval cycle for crypto ETFs is around 240 days, BNB’s legal disputes might extend the process into 2026.

The Future Landscape of Crypto ETFs

VanEck’s BNB ETF application is a critical litmus test for the integration of crypto assets into traditional finance. Despite challenges, the underlying trend is clear:

• Policy Shift:Crypto-friendly policies under the Trump administration (such as the repeal of SAB 121 accounting standards and the promotion of the GENIUS Stablecoin Act) are clearing the path for institutional entry.

• Intensifying Competition:Institutions like Franklin Templeton and Grayscale have already submitted ETF applications for tokens such as SOL and AVAX, meaning BNB must distinguish itself through technical viability and legal clarity.

For ordinary investors, understanding the regulatory logic is more important than chasing short-term trends. It is recommended to study the classification and investment framework for crypto assets systematically via the JuCoin Research Institute to mitigate policy uncertainty risks.