A spot Bitcoin exchange-traded fund (ETF) has been long awaited by investors in the U.S., however, these products have been available in Brazil for over two years. As of November 21, the collective assets under management (AUM) of spot Bitcoin ETFs in Brazil stands at $96.8 million.

London-based multinational banking and financial services firm Standard Chartered is set to engage in trials of China’s digital yuan, the central bank digital currency (CBDC) known as the e-CNY, in one of the first instances of a foreign bank participating in the initiative.

Former Binance CEO Changpeng Zhao, known as CZ, will have to remain in the United States until his sentencing in February, following a recent court decision from Judge Richard Jones of the U.S. District Court for the Western District of Washington in Seattle.

Top stories in the Crypto Roundup today:

• Brazil’s Spot Bitcoin ETFs Near $100 Million in Assets
• Standard Chartered Joins China’s Digital Yuan Trials
• Former Binance CEO CZ Ordered to Stay in U.S. Until Sentencing
• Binance Sees Nearly $800 Million in Outflows After DOJ Announcement

Brazil’s Spot Bitcoin ETFs Near $100 Million in Assets

A spot Bitcoin exchange-traded fund (ETF) has been long awaited by investors in the U.S., however, these products have been available in Brazil for over two years. As of November 21, the collective assets under management (AUM) of spot Bitcoin ETFs in Brazil stands at $96.8 million.

The Hashdex Nasdaq Bitcoin Reference Price FDI (BITH11) leads Brazil’s spot Bitcoin ETFs in terms of assets under management, accounting for $57.8 million of those assets, or roughly 60% of the market share.

In contrast, Brazil's largest ETF, iShares Ibovespa Index (BOVA11), holds $2.41 billion in AUM, followed by the iShares BM&FBOVESPA Small Cap (SMAL11) with $1.19 billion. The largest ETF in the U.S., the SPDR S&P 500, has roughly $430 billion in assets under management.

Hashdex also manages a crypto index ETF that includes Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies, which has attracted more investment than its spot Bitcoin ETF. Combined, Hashdex’s crypto-related ETFs have an AUM of about $500 million.

Other notable spot bitcoin ETFs in Brazil include a collaboration between Itaú Asset Management and Galaxy Digital, launched by Mike Novogratz last year, and a product from QR Capital launched in 2021 with $36 million AUM.

Standard Chartered Joins China’s Digital Yuan Trials

London-based multinational banking and financial services firm Standard Chartered is set to engage in trials of China’s digital yuan, the central bank digital currency (CBDC) known as the e-CNY, in one of the first instances of a foreign bank participating in the initiative.

According to a recent announcement, the firm will, through its partner CityBank Clearing Services Co, allow clients to buy, exchange, and redeem e-CNY through their bank accounts.

The bank will also join an ongoing pilot program for China’s e-CNY taking place in 26 cities and provinces. The bank has identified key areas for exploration in this program, including cross-border merchant payments, trade financing, and supply chain financing.

Xiaolei Zhang, the president of Standard Chartered China, touted the bank’s 165 years in the Chinese market and said it’s “optimistic about the development prospect of digital Renminbi.”

Former Binance CEO CZ Ordered to Stay in U.S. Until Sentencing

Former Binance CEO Changpeng Zhao, known as CZ, will have to remain in the United States until his sentencing in February, following a recent court decision from Judge Richard Jones of the U.S. District Court for the Western District of Washington in Seattle.

Judge Jones ordered that a previous condition allowing Zhao to return to his residence in the United Arab Emirates before his sentencing be put on hold until the court addresses the Government’s motion for review.

Prosecutors had expressed concerns about Zhao being a flight risk, given his significant wealth and the fact that the UAE does not have an extradition treaty with the U.S.

Recently, CZ, stepped down from his position as CEO of Binance, following his admission of guilt in violating U.S. anti-money laundering regulations. This development marks the conclusion of an extensive investigation by the Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) into both CZ and Binance.

Binance Sees Nearly $800 Million in Outflows After DOJ Announcement

Following the official announcement by the Department of Justice on Binance’s settlement, there was a predictable exodus of major assets from the exchange, with total outflows across various major assets reaching approximately $800 million.

In comparison to the crisis faced by exchanges such as FTX, Binance has shown a stronger resilience in its net flows. For instance, during the FTX crisis on November 11, 2023, Binance experienced a staggering outflow of nearly $1 billion in Bitcoin within just one hour.

This comparison underscores the market’s risk perception, which may have been shaped by the new compliance measures that the US government has imposed on Binance. These measures seem to have provided some reassurance to investors, thereby reducing counterparty risk.

CCData’s latest blog delves into the settlement reached between Binance and the U.S. Department of Justice, scrutinizing its ripple effects across the digital asset market. The analysis includes a look at the price movements of Binance’s token (BNB), the trading activity on the exchange, and the broader impact on the cryptocurrency industry and regulatory environment.

State of the Crypto by Top Tier Exchange Volume

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