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Caroline Pham, acting chairman of the Commodity Futures Trading Commission
Crypto Trends

Australia Looks To Bring Crypto Under Financial Services Framework With New Draft Legislation

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The Australian treasury revealed a new draft proposal for crypto firms in the country, requiring them to hold licenses and be treated as financial products.

The proposal would require crypto firms to hold financial service licenses, effectively bringing them under the wing of the country’s securities regulator, Australian Securities and Investments Commission (ASIC).

Digital asset platforms (DAPs) and tokenized custody platforms (TCPs) will fall under the same bracket as other financial intermediaries, and subject to the same licensing and consumer protection rules.

Daniel Mulino, assistant treasurer, revealed the draft legislation on Thursday. Mulino explained that the plan is to bring crypto under existing financial services rules.

“The final legislation will introduce a new framework for digital asset businesses in Australia. It will do so by extending existing financial services laws but in a targeted way,” Mulino said.

The treasury has opened the draft legislation for consultation. The consultation window is open until Oct. 24, 2025.



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Australia Drafts Law to License All Crypto Exchanges
Crypto Trends

Australia Drafts Law to License All Crypto Exchanges

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Australia is aiming to tighten regulations around crypto service providers, with draft legislation that would extend finance sector laws to crypto exchanges.

Assistant Treasurer Daniel Mulino told a crypto conference on Thursday that the legislation is “the cornerstone of our digital asset roadmap,” which the Albanese Government released in March.

“This is a preliminary version of the legislation, and we are seeking stakeholder feedback on its effectiveness and clarity before proceeding further,” he said.

Currently, crypto exchanges that simply facilitate trading assets like Bitcoin (BTC) need only register with the Australian Transaction Reports and Analysis Centre (AUSTRAC), which has 400 crypto exchanges registered on its books, many of which are inactive.

Draft law to make two new financial products

Mulino said the draft legislation would create two new financial products under the Corporations Act, a “digital asset platform” and a “tokenized custody platform.”

“This means digital asset platform and tokenized custody platform service providers will need to hold an Australian Financial Services License,” he said.

The license would register all exchanges with the Australian Securities and Investments Commission. Currently, only exchanges that sell “financial products,” such as derivatives, must register with the corporate regulator.

Daniel Mulino addressing the Global Digital Asset Regulatory Summit virtually on Thursday. Source: Digital Economy Council of Australia

Mulino added that the legislation has “targeted rules for key activities,” such as wrapped tokens, public token infrastructure, and staking.

Crypto platforms will also be subject to “a suite of obligations designed to accommodate the unique characteristics of digital assets,” Mulino said, including standards for holding crypto and settling transactions.

Related: ASIC eases licensing rules for stablecoin distributors in Australia

“Failures of digital asset businesses have highlighted the consumer risks, particularly where operators pull and hold client assets without consistent safeguards,” he added.

“This is about legitimizing the good actors and shutting out the bad. It is about giving businesses certainty and consumers confidence.”

Heavy penalties, but “low risk” platforms exempt

Breaches of the law are set to carry penalties of up to 16.5 million Australian dollars ($10.8 million), three times the benefit obtained or 10% of annual turnover — whichever is greater — according to a Treasury press release.

Platforms dubbed as “smaller, low-risk,” which hold less than 5,000 Australian dollars ($3,300) per customer and facilitate less than 10 million Australian dollars ($6.6 million) a year, will be exempt from the rules.

The Treasury said the exemption is consistent with the approach to financial products such as non-cash payment facilities, adding the legislation doesn’t look to impose new rules on crypto issuers or those that create or use crypto for non-financial purposes.

Magazine: The one thing these 6 global crypto hubs all have in common… 



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Rami Ismail's New Game, Australia Did It, Is A 'Tactical Reverse Bullet Hell'
Game Updates

Rami Ismail’s New Game, Australia Did It, Is A ‘Tactical Reverse Bullet Hell’

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Rami Ismail is known recently for his work advising and consulting with game developers around the world, but he’s also an accomplished developer in his own right, with games like Ridiculous Fishing, Luftrausers, and Nuclear Throne on his résumé. To that end, today he revealed his latest project, Australia Did It, and announced it’s coming to PC later this year. You can check out the reveal trailer below.

 

Australia Did It (which is co-developed by Aesthetician Labs) claims to invent a new genre called tactical reverse bullet hell. It’s a big swing to attempt to define a new style of game before yours even comes out, but Ismail’s press release makes even stronger claims than that.

“I believe the games industry has been failing at supporting developer innovation and experimentation,” reads a direct quote from Ismail in the press release. “Publishers, investors, and shareholders fund the same few safe bets, later and later in development – forcing even the most creative developers to make safe games with predictable ideas, and force in the latest flavour-of-the-day.”

Ismail goes on to say that the way to break out of this cycle is to support games with truly new ideas, and that Mystic Forge, the publisher of Australia Did It, is doing exactly that by funding the project.

Australia Did It is a game about transporting cargo by train across a monster-infested, dried-out Atlantic Ocean. In the first part of an encounter, you’ll place units along a grid defending your train as it prepares for the journey, using strategic grid-based combat to hold off monsters long enough for the journey to begin. Once your engine departs, it becomes a bullet hell machine, blasting out overwhelming amounts of ammunition the bullet hell genre typically has players try to avoid.

I don’t personally see the genre title sticking – it’s too many words, for one – but the game looks good so far, and I’m interested in trying it for myself soon. Australia Did It launches on PC later this year.



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GameFi Guides

Binance Taps Compliance Veteran for APAC Role as Australia Tightens Oversight

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In brief

  • Binance has appointed SB Seker as Head of Asia-Pacific on Monday, who brings over 20 years of legal and regulatory experience.
  • The hiring comes weeks after AUSTRAC ordered Binance Australia to undergo an independent audit, citing “serious concerns” about anti-money laundering controls vulnerable to illicit money flows.
  • Industry experts view the appointment as a compliance strategy reinforcement and a signal to regulators that Binance is serious about meeting APAC standards.

Binance has appointed compliance veteran SB Seker as its new Head of Asia-Pacific, as the world’s largest crypto exchange seeks to navigate regulatory headwinds in the region.

The appointment comes just two weeks after AUSTRAC ordered Binance’s Australian arm to undergo an independent audit, citing “serious concerns” relating to anti-money laundering controls that could expose the platform to illicit money flows.

Industry experts have viewed the move as both strategic and timely, given the exchange’s ongoing compliance challenges in Australia.



James Volpe, founding director of Melbourne-based Web3 education firm uCubed, told Decrypt that “SB Seker’s background positions him as someone consistently brought into complex environments to strengthen compliance and regulatory frameworks.”

“For Binance, the appointment reinforces its compliance strategy while also signalling to regulators and users that it is serious about meeting standards in APAC,” he said.

Seker brings over 20 years of cross-sector experience, including roles as a litigator in Australia and a central banking lawyer at the Monetary Authority of Singapore. 

Most recently, he served as Senior Vice President at Crypto.com Group, overseeing global product development and regulatory matters.

Last month, AUSTRAC ordered Binance Australia to nominate external auditors after finding inadequate independent reviews and high staff turnover, with 18 days remaining to comply.

“AUSTRAC’s move is significant, sending a message that crypto exchanges must be held to the same standards of responsibility and compliance as traditional financial institutions, setting a precedent for closer scrutiny across the industry,” Volpe explained.

Joni Pirovich, founder of Australian crypto specialist law firm b’das*l, told Decrypt that “the appointment of an independent auditor is a serious but early step.”

She said AUSTRAC has “a range of tools to deal with findings from the auditor,” including directing Binance to remedy systems, enforcement action, further audits, imposing registration restrictions, and “in the worst case, to suspend or revoke the registration.”

“The hire of Seker could well mean that Binance recognizes the skills and experience needed for best cooperation with AUSTRAC and the auditor, and a best-case outcome,” Pirovich added.

In his new role, Seker will oversee regional operations and drive market adoption across APAC while strengthening engagement with policymakers. 

“I’m truly excited to join Binance to help shape a sustainable, innovative, and compliant future for the digital-asset ecosystem across the region,” Seker said in a statement on Sunday.

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Parvati from Survivor Australia 2025 season 11 pictured on a beach in Samoa
Gaming Gear

How to watch Survivor Australia on 10Play (it’s free)

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You can watch the Survivor Australia 2025 on 10Play – it’s streaming for free now ahead of the finale on Sept 2. The free Aussie stream includes catch-up episodes that you won’t want to miss as the Tribes (Australia v The World) go head-to-head in Samoa.

Australian platform 10Play is streaming all the episodes live in HD. But can you watch Survivor Australia on 10Play from anywhere? (Quick answer: Yes you can watch now with this VPN (try risk-free)).

If you’re looking to watch the free episodes in the US, UK, Canada, Ireland or anywhere else on the planet, here’s guide to how to watch Survivor: Australia v The World now…

How to watch Survivor Australia on 10Play

Free streaming platform 10Play is the place to watch Survivor Australia for free.

To watch 10Play: visit the 10.com.au website or download the 10Play app.

10Play is free – but you will need to register to watch and be inside Australia.

OUTSIDE AUSTRALIA? ACCESS 10PLAY FROM ANYWHERE WITH NORDVPN

How to watch Survivor Australia on 10Play from anywhere

Although 10 is free, it’s only broadcasting Survivor Australia 2025 in Australia.

Streamers traveling or working outside Oz will need to use a VPN to access 10Play’s free Survivor: Australia v The World coverage.

There are lots of VPNs but NordVPNis the one you can rely on to unblock 10Play and stream Survivor Australia like a pro…. and you can save over 70% AND get 3 months extra free! We use NordVPN with 10Play and it works perfectly so give it a go for yourself…

It’s really easy to use a VPN to watch Australian Survivor 2025.

1. Install the VPN of your choice. As we’ve said, NordVPN is the best choice.

2. Choose the location you wish to connect to in the VPN app. For instance, if you’re visiting United States and want to watch your free 10Play stream, you’d select ‘Melbourne’.

3. Sit back and enjoy the action. Head to the 10Play website, sign in, and watch the Australian Survivor for free (minus the small cost of the VPN).

What’s coming up on Survivor Australia v The World

You’re in for a treat. The final episodes – 7, 8 and 9 – are coming up on Aug 31, Sept 1 and Sept 2. Misaligned interested, doomed couples, contestants switching Tribes and votes going south… it’s all coming up.

Episode 6 (Hoodwinked) has just aired and Kirby and Parvati are the ones to watch. We won’t spoil it for you, but the outcome of the recent Tribal Council is pretty shocking, to say the least.

Episode 7 is coming in hot, and Australian and World Survivor heavyweights will continue to clash on Samoa for your viewing pleasure. The game’s most powerful couple will certainly play a key role in the Survivor Australia final but we’re seeing cracks in the old alliances….

10Play also houses other Survivor content, so if you’re a Survivor superfan, there’s plenty to get your teeth into – including World of Survivor.

Which devices can I watch Survivor Australia on 10Play with?

You can use the 10 app on all of the following devices and platforms:

LG Smart TV – 2018 onwards (WebOS 3.0 and higher). How to install the 10 app.
Samsung Smart TV – released from 2018 onwards
Hisense Smart TV – released from 2021 onwards (VIDAA software U4, U5 and U6)
Apple TV – from Generation 4 onwards (tvOS 12.0+)
Android/Google TV – devices running Android TV OS 9.0+
Amazon Fire TV – running Fire OS version 5+
Foxtel IQ & Hubbl – available on iQ3, iQ4, iQ5 boxes and Hubbl
Fetch TV – generation 3 and above
Xbox – Xbox One Console Family, Xbox One Series S, Xbox One Series X
iPhone/iPad – 10 app on iPhone and iPad devices running iOS 13.0+
Android Phones/Tablets – 10 app on Android devices running Android 9+
Web – Firefox v63+, Chrome v74+, Safari v12+, Edge v16+

What is Survivor: Australia vs The World?

Aussie castaways go head-to-head with players from Survivor US, Québec, South Africa, New Zealand and Finland for the chance to be crowned “Sole Survivor and win a cash prize of $250,000.” (per 10.com.au)

Over 16 days, 14 players battle it out on the beaches of Samoa and attempt to “Outwit, Outplay and Outlast each other” in what is now one of the most talked-about seasons ever.

It’s the final season hosted by Jonathan LaPaglia, so wipe away a tear if you’re a fan of the legendary Australian Survivor host.

We test and review VPN services in the context of legal recreational uses. For example: 1. Accessing a service from another country (subject to the terms and conditions of that service). 2. Protecting your online security and strengthening your online privacy when abroad. We do not support or condone the illegal or malicious use of VPN services. Consuming pirated content that is paid-for is neither endorsed nor approved by Future Publishing.



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Crypto Trends

US Trading App Webull Launches Crypto Service in Australia to Challenge Incumbents

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In brief

  • Webull has launched crypto trading for Australian users, with access to 240 digital assets and a 30 basis point spread through Coinbase Prime.
  • Experts say Australian exchanges charge double the spreads of international peers for major cryptocurrencies like Bitcoin and Ethereum.
  • The launch follows Webull’s Monday announcement of resuming U.S. crypto trading after suspending services in 2023 during its IPO process.

U.S. trading app Webull launched crypto services for Australian users on Wednesday, offering access to hundreds of different digital assets in a move experts say will force local exchanges to slash fees or risk losing customers.

The launch through Coinbase Prime adds Australia as Webull’s third crypto market, alongside the U.S. and Brazil, with the company promising a 30-basis-point spread, according to a statement.

Industry experts predict the entry will trigger competitive pressure across Australia’s crypto exchange market, where fees have remained stubbornly high compared to international markets.



Pratik Kala, head of research and portfolio manager at Apollo Crypto, told Decrypt that “Australian exchanges have much higher fees and spreads compared to our international peers; in some cases, more than double the spread even for liquid pairs like Bitcoin and Ethereum.”

“Australian exchanges list a small fraction of coins—Webull’s entry with 240 coins will expand overall options for Australians,” he said, with competition expected to “expand overall options for Australians.”

Webull announced Monday that it resumed crypto trading in the U.S. after suspending services in 2023 during its public listing process, part of what CEO Anthony Denier called a “full-throttle” global expansion into digital assets.

James Volpe, founding director of uCubed, told Decrypt that Webull faces “entrenched competition from established players in Australia who will work hard to defend their market share.”

“Competition in such a young market tends to create competitive fee structures and additional service features for users,” he added.

He said new entrants “raise the bar for incumbents,” pushing more competitive fees and better user experiences, but cautioned that “the key” for investors is understanding risks tied to custody and centralized platforms.

“The greatest challenge,” he said, “is the shift toward non-custodial and decentralized technologies, giving users control over their identity, custody of assets, and lowering trading costs.”

Despite such hurdles, he acknowledged “while the institutional backing and infrastructure via Coinbase may provide an edge, success here depends on building trust and demonstrating value in an increasingly sophisticated market.”

Webull supports trading through individual accounts, SMSFs, trusts, and company structures, positioning crypto as part of traditional investment frameworks with 24/7 customer support.

Volpe said this may boost crypto’s role in wealth management, but “true integration” hinges on “education, regulation, and investor confidence.”

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Crypto Trends

AUSTRAC Orders Binance Australia Audit Over AML Concerns

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In brief

  • AUSTRAC has directed Binance Australia to nominate external auditors within 28 days after identifying “serious concerns” with anti-money laundering controls.
  • The regulator flagged inadequate reviews, “high staff turnover,” and insufficient local management oversight at the platform.
  • This action adds to a string of regulatory measures, including a $5.1 million fine for Kraken and warnings directed at Bitget.

Australia’s financial intelligence agency has ordered the Australian arm of the world’s largest crypto exchange to appoint an independent auditor, citing “serious concerns” in its crime prevention systems that allegedly leaves the platform vulnerable to illicit money flows.

AUSTRAC directed Investbybit Pty Ltd, Binance Global’s Australian arm, to undergo external scrutiny after identifying major gaps in the exchange’s anti-money laundering and counter-terrorism financing controls. 

The latest AUSTRAC directive gives Binance Australia 28 days to nominate external auditors for regulatory approval.



The enforcement action is another regulatory blow for Binance Australia, which has faced mounting compliance challenges as authorities crack down on crypto platforms that fail to meet local standards. 

In December, ASIC fined Kraken’s local operator $5.1 million for unlawful margin trading, and last month it warned Bitget for offering unlicensed leveraged futures products.

“Big global operators may appear well resourced and positioned to meet complex regulatory requirements, but if they don’t understand local money laundering and terrorism financing risks, they are failing to meet their AML/CTF obligations in Australia,” AUSTRAC CEO Brendan Thomas said.

The regulator highlighted troubling findings, including an inadequate independent review that failed to match Binance’s scale and risk profile. 

“High staff turnover” and insufficient local management oversight raised additional red flags about the platform’s governance structure, according to the statement.

“Businesses need to maximise the value of independent reviews and ensure appropriate testing and review across critical processes and controls,” Thomas said, demanding greater rigour from major international exchanges operating in high-risk environments.

Binance’s Australian troubles stretch back to February 2023, when it admitted misclassifying 500 retail clients as wholesale investors, triggering ASIC investigations. 

Last December, ASIC launched legal proceedings alleging the platform stripped over 500 customers, 83% of its Australian base, of essential consumer protections between July 2022 and April 2023. 

The exchange compensated affected clients approximately $13 million in 2023.

ASIC subsequently cancelled Binance Australia Derivatives’ operating license in April following a targeted review, with Deputy Chair Sarah Court calling the platform’s compliance systems “woefully inadequate.”

Thomas warned that “capacity and risk controls need to correspond to the size of a business and its market presence, particularly as it scales.”

“Binance’s repeated governance issues in Australia, from AML/CTF deficiencies to client misclassification, highlight the critical need for crypto exchanges to prioritize robust, localized compliance frameworks,” Mohit Agadi, founder of Fact Protocol, told Decrypt.

“In light of AUSTRAC’s concerns, investors should ensure their providers meet local compliance standards and remain vigilant about the evolving rules governing digital assets,” he said.

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Jamie Crawley
GameFi Guides

Binance Australia Directed to Appoint External Auditor Over ‘Serious Concerns’

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Binance Australia has been directed to appoint an external auditor by the country’s anti-money laundering (AML) regulator.

Australian Transaction Reports and Analysis Centre (AUSTRAC) said it has identified “serious concerns” with the crypto exchange’s AML and counter-terrorism financing (CTF) controls.

Binance Australia has 28 days to nominate external auditors for AUSTRAC’s consideration.

AUSTRAC said it has flagged concerns about Binance’s AML/CTF governance based on its high staff turnover and a lack of local resourcing and senior manager oversight.

“We have engaged openly and transparently with Austrac over the past several months and continue to value their guidance, expertise, and oversight,” Matt Poblocki, general manager of Binance Australia and New Zealand, said, according to a Bloomberg report. “We remain committed to maintaining best-in-class compliance standards and will continuously enhance our capabilities.”

Binance did not immediately respond to CoinDesk’s request for further comment.

The Binance empire has had a difficult relationship with regulators over the years. A string of regulatory bodies issued warnings about the exchange’s authorization (or lack thereof) to operate in 2021. This came to a head in 2024 when founder Changpeng “CZ” Zhao was sentenced to four months in U.S. federal prison after pleading guilty for violation of money laundering laws.

AUSTRAC has been trying to take a proactive approach to its oversight of the digital asset industry in recent months, recently enacting a series of measures on crypto ATM providers over concerns about their alleged use for scams.



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