SEC Filing Document

Company: Grayscale BNB ETF
Ticker: GBNB
CIK: 2106762
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-04-07
Accession Number: 0001193125-26-145494
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2106762/000119312526145494/bnb_s-1_amendment_1.htm

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facilitate investigations. However, certain privacy-enhancing features have been, or are expected to be, introduced to a number of digital asset networks. If the BNB Smart Chain were to adopt any of these features, these features may provide law enforcement agencies with less visibility into transaction-level data. Europol, the European Union’s law enforcement agency, released a report in October 2017 noting the increased use of privacy-enhancing digital assets like Zcash and Monero in criminal activity on the internet. In August 2022, OFAC banned all U.S. citizens from using Tornado Cash, a digital asset protocol designed to obfuscate blockchain transactions, by adding certain Ethereum wallet addresses associated with the protocol to its Specially Designated Nationals and Blocked Persons List. A large portion of Ethereum validators globally, as well as notable industry participants such as Centre, the issuer of the USDC stablecoin, have reportedly complied with the sanctions and blacklisted the sanctioned addresses

from interacting with their networks. In October 2023, FinCEN issued a notice of proposed rulemaking that identified convertible virtual currency (CVC) mixing as a class of transactions of primary money laundering concern and proposed requiring covered financial institutions to implement certain recordkeeping and reporting requirements on transactions that covered financial institutions know, suspect, or have reason to suspect involve CVC mixing within or involving jurisdictions outside the United States. In April 2024, the DOJ arrested and charged the developers of the Samourai Wallet mixing service with conspiracy to commit money laundering and conspiracy to operate an unlicensed money transmitting business. In May 2024, a co-founder of Tornado Cash was sentenced to more than five years imprisonment in the Netherlands for developing Tornado Cash on the basis that he had helped launder more than $2 billion worth of digital assets through Tornado Cash. In August 2025, a co-founder of Tornado Cash was convicted of conspiracy to operate an unlicensed money transmitting business, but a mistrial was declared with respect to charges of conspiracy to commit money laundering and conspiracy to violate U.S. sanctions. Future additional regulatory action with respect to privacy-enhancing digital assets is possible.

The development or adoption of privacy-preserving technologies on the BNB Smart Chain could increase regulatory and operational risks and adversely affect the value of BNB and the Shares.

The BNB Chain Ecosystem may incorporate privacy-preserving technologies developed by third parties, including initiatives publicly described as the “Intelligent Privacy Pool,” which is expected to be launched in the first quarter of 2026. Such technologies are designed to enhance transactional privacy through the use of cryptographic techniques, including zero-knowledge proofs, and may permit users to pool and transfer digital assets while limiting public visibility into certain transaction details. Although certain privacy solutions are intended to incorporate compliance-related features, the regulatory treatment of these technologies is evolving and uncertain.

Regulators in the United States and other jurisdictions have scrutinized and, in some cases, taken enforcement action with respect to privacy-enhancing blockchain tools. If privacy-preserving features on BNB Smart Chain, including the Intelligent Privacy Pool, are perceived to facilitate illicit activity, sanctions evasion, money laundering or other violations of law, BNB Chain and its ecosystem participants could be subject to increased regulatory scrutiny, investigations or enforcement actions. Such developments could negatively impact market perception, exchange support, liquidity and demand for BNB.

In addition, the implementation of advanced cryptographic or privacy-focused smart contracts may increase technical complexity and introduce risks of software defects, vulnerabilities or unintended consequences. Any regulatory, legal, technical or reputational issues arising from the development or use of privacy-preserving technologies on BNB Chain could adversely affect the value of BNB and, as a result, the value of the Shares.

BNB’s initial manner of sale may resemble that of certain digital assets found to be securities, and a determination that BNB is a “security” may adversely affect the value of BNB and an investment in the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust.

Through enforcement actions and other statements, the SEC and its staff under prior leadership have taken the position that a digital asset’s initial manner of sale may be a key factor in determining whether that digital asset was a security, at least at the time of the digital asset’s delivery as part of that sale. This has meant that many blockchain startups that have offered digital assets to the public in the form of initial coin offerings, also known as ICOs, have been found to have engaged in illegal unregistered distributions of securities. The SEC, in fact, previously alleged that Binance's ICO of BNB was a securities offering.

As discussed in “A determination that BNB or any other digital asset is or involves a transaction in a “security” may adversely affect the value of BNB and the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust,” the SEC issued a Commission level interpretation of the federal securities laws that states that a non-security crypto asset may become subject to an investment contract and remain subject to the investment contract in secondary markets transactions

If BNB is determined to be a “security” or transactions in BNB are determined to be securities transactions under federal or state securities laws by the SEC or a state regulatory agency, or in a proceeding in a court of law or otherwise, it will have material adverse consequences for BNB and an investment in the Shares.See “A determination that BNB or any other digital asset is a “security” may adversely affect the value of TAO and the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust”

for a discussion of these consequences. As such, any determination that BNB or transactions in that digital asset are a security under federal or state securities laws may adversely affect the value of BNB and, as a result, an investment in the Shares.

Changes in SEC policy could adversely impact the value of the Shares.

The effect of any future regulatory change on the Trust or the digital assets held by the Trust is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares. If the SEC were to approve any ETF other than ours in the future, such an ETF may be perceived to be a superior investment product offering exposure to digital assets compared to the Trust because the value of the shares issued by such an ETF may more closely track the ETF’s net asset value than do Shares of the Trust, and investors may therefore favor investments in such ETFs over investments in the Trust. Any weakening in demand for the Shares compared to digital asset ETF shares could cause the value of the Shares to decline.

Regulatory changes or other events in foreign jurisdictions may affect the value of the Shares or restrict the use of one or more digital assets, validating activity or the operation of their networks or the Digital Asset Trading Platform Market in a manner that adversely affects the value of the Shares.

Various foreign jurisdictions have, and may continue to adopt laws, regulations or directives that affect the digital asset network, the Digital Asset Markets, and their users, particularly Digital Asset Trading Platforms and service providers that fall within such jurisdictions’ regulatory scope. For example, if foreign jurisdictions in addition to China were to ban or otherwise restrict validating activity, including by regulating or limiting manufacturers’ ability to produce or sell semiconductors or hard drives in connection with validating, it would have a material adverse effect on digital asset networks (including the BNB Smart Chain), the Digital Asset Market, and as a result, impact the value of the Shares.