Binance Ceases UK Operations, Australia Eyes Crypto Regulation, Microsoft's Big Gaming Acquisition: Crypto World Update
Summary:
Binance will stop accepting new users from the UK as of October 16 due to new regulations by the UK's FCA, while Australia's Treasury proposes regulating crypto exchanges under an existing financial services licensing regime. Furthermore, Microsoft’s acquisition of Activision Blizzard, the biggest in gaming history, may encourage the use of cryptocurrency in gaming and expansion of the metaverse in the workplace.
As of October 16, Binance, a leading cryptocurrency exchange, will no longer be accepting new users from the United Kingdom. In related news, Australia's Treasury is considering making it obligatory for crypto exchanges to hold a license under the country's current financial service licensing system. Furthermore, the largest-ever acquisition in the gaming industry may have significant ramifications for the Web3 and cryptocurrency gaming sectors.
Binance made a noteworthy announcement, stating its discontinuation of new user registrations from the UK. This decision comes in the wake of new regulations enforced by the UK's Financial Conduct Authority (FCA) on Rebuildingsociety.com Ltd (REBS), a Binance partner, on October 10. As per this mandate, REBS were barred from advertising and endorsing Binance's products and services, leaving Binance without a compliant partner in the UK. Binance stated they are actively seeking a new FCA authorized approver. However, until they find one, temporary limitations will be imposed on their platform.
Moving to Australia, the federal government is plowing ahead with its efforts to regulate the digital asset sector. They propose controlling crypto exchanges under an existing financial services licensing system. With the newly released "Regulating digital asset platforms" consultation paper, the Treasury outlined its plans to regulate cryptocurrency service providers and exchanges, but not individual cryptocurrencies or tokens. The proposed regulation has generally been welcomed by Australian crypto exchanges, though some are concerned that this may confine the sector within traditional financial frameworks, ignoring the distinctive nature of cryptocurrencies.
In another development, Microsoft's recent acquisition of Activision Blizzard — the largest in the history of the gaming industry — could trigger a rise in cryptocurrency use in gaming and also cause an expansion of the metaverse in the workplace. The key leaders involved in the acquisition, including Microsoft CEO Satya Nadella, Xbox Chief Phil Spencer, and former Activision Blizzard CEO Bobby Kotick, have all previously displayed a keen interest in exploring the metaverse. Leaked internal documents suggest that both companies have investigated the crypto gaming sector and have potentially drawn up plans. This implies a promising future for both Web3 and crypto under the vast Microsoft/Xbox conglomerate, now the third-biggest gaming company globally, after Tencent and Sony.
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Published At
10/16/2023 7:51:59 PM
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