- #BoycottBinance trends as users accuse Binance of manipulating altcoin prices via futures.
- Users call for withdrawals, citing concerns over market fairness and price control.
- VanEck registers the first U.S. BNB ETF, expanding its lineup of crypto investment products.
The hashtag #BoycottBinance is trending on X as traders accuse the world’s largest cryptocurrency exchange of manipulating altcoin prices. Users claim Binance engaged in market-making tactics and exploits futures trading to control price movements. The backlash has fueled growing concerns over market fairness and the role of centralized exchanges in the crypto space.
A post by the DXC Foundation called for investors to withdraw their funds from Binance. The message accused the exchange of dragging the market into excessive manipulation and emptying long-listed altcoins.
“Friends, I have decided not to use #Binance anymore,” the post read. “Many of the coins they have listed for a long time are being filled and emptied. This exchange should really be punished.”
Another user expressed frustration, stating, “#BoycottBinance. After the dirty work you did, I withdrew all my balance from Binance. I will not use it from now on.”
The controversy has drawn attention from industry observers, raising concerns over potential regulatory scrutiny. Binance has previously faced legal challenges in multiple jurisdictions, including allegations of non-compliance with anti-money laundering regulations. However, the exchange has yet to comment on the latest accusations.
Meanwhile, amid the #BoycottBinance movement, VanEck took a major step in expanding its crypto ETF lineup. The investment firm has filed to establish a trust entity for a Binance Coin (BNB) exchange-traded fund in Delaware. This marks the first attempt to launch a BNB ETF in the U.S. market.
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According to public records, the filing, made on March 31, is listed under filing number 10148820. If approved, the ETF would track the price of BNB, which ranks as the fifth-largest cryptocurrency by market capitalization.
VanEck’s latest filing means BNB joins Bitcoin, Ether, Solana, and Avalanche as cryptocurrencies with standalone ETF registrations initiated by the firm in Delaware. VanEck has been a key player in the crypto ETF market, managing nearly $115 billion in assets globally. The firm successfully launched spot Bitcoin and Ethereum ETFs last year following SEC approval.
The investment firm has pursued applications for Solana and Avalanche ETFs in the past months, establishing its leadership in the crypto investment product space. The BNB exchange-traded fund filing emerges at a time when Binance faces growing scrutiny, as the regulatory environment for crypto continues to change.
