Crypto Recap: Monday October 16th

Casino Colada –  Crypto Exchange Binance Halts UK User Registrations, Impending Licensing in Australia, and Microsoft’s Gaming Industry Game-Change

In a whirlwind of developments in the cryptocurrency and gaming sectors, a series of transformative events are reshaping the landscape of these industries, leaving a significant impact on both crypto enthusiasts and gamers. Today, Casino Colada will unpack what happened over an eventful weekend and set you up for what’s coming in the week ahead. Stay tuned with us!

Casino Colada – Binance Discontinues UK Registrations:

Binance, a prominent crypto exchange, is set to cease accepting new users in the United Kingdom starting October 16. This decision was communicated via a blog post released by the exchange. This move follows the recent actions of the U.K.’s Financial Conduct Authority (FCA), which imposed binding requirements on Binance’s partner, Rebuildingsociety.com Ltd (REBS).

The FCA’s mandates barred REBS from engaging in promotional activities related to Binance’s products and services. Consequently, this left Binance without a compliant U.K. partner for adhering to the FCA’s marketing regulations. Casino Colada, is here to keep you updated on the latest crypto and sports trivia, make sure you stay tuned with us !

Casino Colada – Australia Contemplates Crypto Exchange Licensing:

In another significant development, Australia’s Treasury is contemplating the requirement for cryptocurrency exchanges to obtain licenses under the existing financial services licensing regime. This prospective shift indicates a growing regulatory focus on the cryptocurrency sector, emphasizing the need for legitimacy and security within the space.

Casino Colada – Microsoft’s Gaming Industry Power Move:

Microsoft recently solidified its position as a gaming industry giant with the colossal $68.7 billion acquisition of Activision Blizzard, marking the most substantial acquisition in gaming history. This move signals Microsoft’s commitment to harnessing the synergy between its gaming, software, and enterprise divisions for long-term success. While the acquisition had significant implications for the gaming world, it also brought crypto and the metaverse into the spotlight.

Notable figures in the buyout, including Microsoft CEO Satya Nadella, Xbox head Phil Spencer, and former Activision Blizzard CEO Bobby Kotick (retaining his position until the end of 2023 for a smooth transition), have expressed a keen interest in exploring the metaverse domain. Leaked internal documents suggest that both companies had already been exploring the crypto gaming sphere and had preliminary plans in development.

These intriguing developments underscore the potential for substantial growth in both Web3 and crypto within the expansive umbrella of Microsoft/Xbox. Now ranked as the third-largest gaming entity globally, behind only Tencent and Sony, Microsoft’s strategic move has opened new doors for crypto enthusiasts and gamers, promising an exciting and dynamic future within the metaverse and gaming industries.