Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Crypto exchange Binance will stop accepting users in the United Kingdom on Oct. 16. Meanwhile, Australia’s Treasury could soon require crypto exchanges to be licensed under the existing financial services license regime. And the biggest acquisition in gaming history could have important implications for the Web3 and crypto gaming communities.
Binance is no longer onboarding new users in the U.K., according to a blog post from the cryptocurrency exchange.
This move comes after the U.K.’s Financial Conduct Authority (FCA) imposed legally binding requirements on its partner Rebuildingsociety.com Ltd (REBS) on Oct. 10. Per those rules, REBS was prohibited from ad promotions soliciting Binance goods and services.
This evidently left Binance without a U.K. partner in compliance with the FCA’s marketing requirements.
According to Binance:
“Binance is currently looking for a new FCA authorised approver. However, there will be some temporary restrictions coming into effect on our Platform (i.e. www.binance.com/en-GB and latest version of our Mobile App) during the period until Binance onboards with a new FCA authorised approver and has its financial promotions reapproved.”
The Australian federal government is charging forward with plans to regulate the digital asset sector at the exchange level, with plans to regulate crypto exchanges under an existing licensing regime for financial services.
In the newly-unveiled “Regulating digital asset platforms” consultation paper, released on Oct. 16, the Australian Treasury said that the new regulatory framework aims to address consumer harms while still supporting innovation in the digital asset sector.
The core theme of the new regulatory framework is that it aims to regulate cryptocurrency exchanges and service providers instead of individual cryptocurrencies or tokens themselves. Additionally, the consultation paper explained that it will regulate crypto exchanges under pre-existing financial services laws, instead of crafting new crypto-specific rules.
Australian crypto exchanges have largely praised the Treasury’s latest proposal, though some warn that it could place crypto regulation within the confines of traditional finance, ignoring its nuances.
Microsoft’s recently finalized buyout of Activision Blizzard — the largest acquisition in gaming history — could be the catalyst for an uptick in cryptocurrency in gaming and the expansion of the metaverse for the office.
The Redmond behemoth’s Xbox division was never really meant to be a profitable arm of the Microsoft corporation, and the $68.7 billion acquisition of Activision Blizzard demonstrates the company’s intent to bet on long-term synergy between its gaming, software and enterprise verticals.
The principal players in the buyout — Microsoft CEO Satya Nadella, Xbox boss Phil Spencer and former Activision Blizzard CEO Bobby Kotick (who will stay until the end of 2023 to help with the turnover) — have all, at one time or another, expressed a fervent interest in exploring the metaverse space.
And if leaked internal documents are to be believed, both companies (prior to the buyout) had explored the crypto gaming space and, at least at the drawing board stage, developed potential plans.
Together, these notions indicate that both Web3 and crypto could have a bright future under the massive umbrella of Microsoft/Xbox — now the third-largest gaming outfit in the world, trailing only Tencent and Sony.