Binance has secured the first global regulatory license issued under the Abu Dhabi Global Market framework. The approval, granted by the Financial Services Regulatory Authority, formally authorizes Binance.com to operate under a unified and internationally recognized oversight regime. The license positions Binance to expand its institutional and retail services across multiple jurisdictions while strengthening its compliance posture in a rapidly evolving regulatory environment.

The authorization covers three regulated entities within ADGM: a recognized investment exchange, a clearing house, and a broker dealer. Together, these units will support trading, settlement, custody, and over-the-counter services. The structure aligns Binance with regulatory standards comparable to those governing traditional financial market infrastructure. For global users, the approval is expected to enhance operational transparency and asset protection as the platform prepares to launch regulated activities in early January 2026.

Strengthening Institutional Foundations

The move comes as regulators worldwide intensify scrutiny of digital-asset platforms and push for stronger governance frameworks. By adhering to ADGM’s rules, Binance reinforces its strategic pivot toward institutional-grade compliance following years of fragmented licensing across jurisdictions. The approval also underscores the UAE’s efforts to position Abu Dhabi as a global center for fintech and digital-asset innovation, offering clear regulatory pathways for international firms seeking structured oversight.

ADGM leaders emphasized the role of the exchange in supporting the region’s financial ambitions, noting that Binance’s presence adds depth to the emirate’s digital finance ecosystem. For Binance, the license provides a foundation to centralize certain global functions while maintaining its distributed operational model. With more than 300 million registered users, the exchange remains a key player in shaping how crypto markets integrate with established financial systems.

Expanding Reach in a Competitive Market

The authorization extends Binance’s competitive position as exchanges race to secure regulatory legitimacy and institutional trust. Major global financial centers continue to advance digital-asset frameworks, pushing market participants toward standardized oversight. Binance’s integration into ADGM’s regime signals its intention to compete in markets where regulated infrastructure is becoming a prerequisite for large-scale growth.

The approval also underscores a broader trend: regulatory convergence between digital-asset platforms and traditional market intermediaries. As Binance prepares to operate under ADGM’s rules next month, the development highlights the increasing alignment between crypto market structure and conventional financial regulation. This can potentially reshape competitive dynamics across the digital-asset sector.

Gold and silver are outperforming major assets heading into the Federal Reserve’s December 10 policy meeting, driven by rising concerns that the central bank may cut rates before inflation is fully contained. The shift has widened a performance gap between traditional safe havens and Bitcoin, which continues to consolidate following its October liquidation shock.

Silver is up roughly 86% year-to-date and gold has gained 60%, according to industry data. In contrast, Bitcoin is slightly negative on the year as investors reassess macro risks and unwind leverage built during its early-cycle rally. Market participants say the move reflects a defensive rotation into hard assets amid lingering inflation pressures and uncertainty surrounding the Fed’s next steps.

Ryan McMillin, chief investment officer at Merkle Tree Capital, said investors are increasingly hedging against a potential Fed policy error. That scenario would involve easing policy while inflation remains stuck above the central bank’s 2% target, a risk underscored by Core PCE readings that have drifted back toward 3% on an annualized basis. He noted that services and housing inflation remain persistent, complicating the Fed’s path forward.

Bitcoin Lags as Risk Assets Diverge

The broad reallocation has produced a divergence across asset classes. While metals have surged, US equities continue a strong year supported by earnings momentum, corporate buybacks, and sustained investment in artificial intelligence. The Nasdaq and S&P 500 have climbed 21% and 16%, respectively, suggesting institutional investors still view large-cap equities as relatively insulated from macro turbulence.

Bitcoin’s underperformance, meanwhile, follows the October 10 liquidation event that triggered a significant de-leveraging across derivatives markets. McMillin described the digital asset’s current trajectory as a mid-cycle repair phase, contrasting it with equities, which he said appear to be in a late-cycle melt-up.

On-chain indicators echo the consolidation trend. The total supply held at a loss has increased, pointing to capitulation among short-term holders and a reset typical of cyclical corrections rather than full-scale bear markets. Bitcoin has stabilized near its true market mean, a cost-basis measure that often marks the boundary between shallow weakness and deeper declines.

Analysts at Glassnode warn that Bitcoin’s sensitivity to macro data will likely remain elevated unless the asset can reclaim the 0.85 quantile, or roughly $106,200. For now, Bitcoin continues to trade in a tight range between $82,000 and $94,000, reflecting cautious order books and limited directional conviction ahead of the Fed decision.

McMillin expects Bitcoin’s disconnect from metals and equities to be temporary, arguing that the asset should eventually track global liquidity conditions once market structure normalizes. Still, in the near term, precious metals appear better positioned to benefit from inflation uncertainty and central bank ambiguity.

The European Commission has introduced a regulatory package that would significantly expand the authority of the European Securities and Markets Authority over crypto firms and core market infrastructure. The proposal would shift direct supervisory responsibilities for crypto-asset service providers, trading venues, and central counterparties to ESMA.

This reflects efforts to align the EU’s oversight structure more closely with the centralized model used in the United States. The plan requires approval from the European Parliament and the Council before implementation.

The initiative comes amid growing political support for stronger bloc-level oversight. France, Austria, and Italy have all called for ESMA to oversee major crypto firms, citing concerns about uneven regulatory standards across member states.

Malta’s crypto licensing framework has drawn particular scrutiny after an ESMA peer review found the national regulator only partially met supervisory expectations. Differences in national approaches have also led to tensions around MiCA passporting, with France warning it may block licenses granted in jurisdictions perceived as more permissive.

Institutional Context and Market Implications

The proposal is part of a broader effort to streamline EU capital markets and strengthen institutional coordination. The Commission has emphasized that fragmented supervision limits cross-border activity and dampens competitiveness relative to the United States, where market capitalization stands at 270% of GDP compared with 73% in the EU.

The package builds on earlier calls from European Central Bank President Christine Lagarde, who in 2023 argued for a European SEC with direct supervisory powers to mitigate systemic risks posed by large cross-border financial firms.

Industry participants, however, warn that centralized supervision could slow innovation in crypto and fintech. Smaller firms often maintain close relationships with national regulators, which they say support faster decision-making and a more adaptive regulatory environment.

Consolidating authorization and oversight within ESMA would require substantial resources, raising concerns that processes could become more rigid and less responsive. These tensions highlight the challenge of balancing a unified regulatory framework with the flexibility needed to support early-stage companies in a rapidly developing market.

Competitive Outlook for EU Markets

The Commission maintains that a more integrated approach is necessary to deepen capital markets and enhance long-term competitiveness.

The proposal’s emphasis on cross-border consistency and supervisory strength reflects a broader push to modernize Europe’s financial architecture at a time when global competition in digital assets, market infrastructure, and financial services continues to intensify.

By addressing fragmentation, policymakers aim to build an environment better positioned to attract investment and support the growth of regulated digital asset markets.

Binance founder Changpeng Zhao (CZ) announced the introduction Predict.fun, a new BNB Chain native prediction market that allows users to earn yield on funds while positions remain open. The platform, created by a former Binance employee, reflects a broader industry push to reduce the opportunity cost of capital in forecasting markets.

Welcome a new prediction market on @BNBChain.
When you make a prediction, you funds don't sit idle, they generate yield.

Disclaimer:
Founder is ex-Binance (a few years ago).
Incubated/invested by YZiLabs.
This tweet is not endorsement. 🙏 https://t.co/E0fxxKc3eE

— CZ 🔶 BNB (@cz_binance) December 3, 2025

Major venues such as Polymarket and Kalshi have already introduced points programs, staking rewards, and treasury incentives to attract users holding long-duration positions. These mechanisms aim to solve a core inefficiency: traders must traditionally lock up capital for weeks or months without any return, even though outcomes are uncertain.

Predict.fun currently lists only two markets with a combined volume of about 300,000 dollars. The platform reports more than 12,000 users and nearly 300,000 total bets. While meaningful for an early-stage product, these numbers sit far below the scale of established competitors. Polymarket has surpassed 3 billion dollars in cumulative volume, while Kalshi stands near 587 million dollars. Smaller entrants like Limitless have cleared roughly 10.9 million dollars.

Network Advantages and Structural Constraints

Predict.fun’s launch aligns with BNB Chain’s recent momentum. The chain leads the industry in active wallets, and its active address count has nearly doubled over the past year, according to onchain analytics. Token Terminal estimates BNB Chain’s market share of active users at around 25%, providing a broad distribution channel for new applications.

However, liquidity depth remains a limiting factor. BNB Chain continues to lag major networks in stablecoin issuance, which reduces the available base of risk capital for prediction markets. Stablecoins are critical for maintaining tight spreads, higher trade volumes, and rapid settlement, all of which underpin liquidity-sensitive markets like forecasting platforms.

These structural realities may constrain growth even with a large user base. Historically, new prediction markets see inflows during promotional or incentives-driven periods but struggle to retain sustained volume once rewards normalize. Liquidity tends to concentrate around the largest venues, where deeper pools and more active markets reinforce user engagement.

A Narrow Path to Competitive Scale

The near-term test for Predict.fun is whether it can surpass other emerging platforms and maintain consistent activity. Limitless, with roughly an order of magnitude more cumulative volume, offers a more attainable benchmark than the dominant pair of Polymarket and Kalshi. BNB Chain’s reach may provide an early distribution advantage, but the liquidity gap relative to leading stablecoin-heavy networks remains a meaningful hurdle.

The trajectory of Predict.fun will depend on whether it can convert user traffic into durable liquidity and market depth. In a sector where liquidity advantages compound quickly, scale is difficult to manufacture through incentives alone.

The UK’s regulation of crypto advanced significantly this week after the Property (Digital Assets etc.) Act 2025 received Royal Assent, formally defining digital assets as a third category of property under English law. The measure, which passed Parliament without amendment, codifies that assets such as bitcoin, stablecoins, and other tokenized instruments can be subject to property rights distinct from physical goods or contractual claims.

UK Establishes Dedicated Property Category for Digital Assets

Industry groups said the change provides more certainty in an area where courts had been ruling on a case-by-case basis. CryptoUK, the country’s main digital asset trade association, said the act gives courts a firmer foundation for determining ownership, recovering stolen assets, and navigating insolvency or estate proceedings. Advocacy groups also noted the broader legal significance. Susie Ward, CEO of Bitcoin Policy UK, said the reform finally gives formal protection to digital asset holdings and reflects the long-term direction of financial infrastructure modernization.

The move follows recommendations from the Law Commission, which in 2023 urged Parliament to create a dedicated property category to keep pace with technological developments. The bill’s rapid progress from introduction in September 2024 to approval this week highlights growing political alignment around digital asset governance.

Institutional and Regulatory Implications

The recognition of digital assets as property aligns the UK more closely with other major financial jurisdictions that have sought to anchor digital asset rights in statute. Market participants expect the new framework to support institutional adoption by reducing legal uncertainty around custody arrangements, collateralization, and settlement processes. Legal specialists also view the reform as a foundational step for future rules governing tokenization and digital market infrastructure.

The shift comes as policymakers focus on the broader regulatory perimeter. The Bank of England recently began consulting on a proposed framework for sterling-denominated stablecoins, calling the effort a key step toward integrating digital money into retail and wholesale payment systems. Deputy Governor Sarah Breeden said the UK aims to match the pace of US regulatory developments and bring stablecoin rules online within a similar timeline.

Combined with the new property designation, these initiatives position the UK to compete in the global regulatory landscape as financial institutions evaluate long-term exposure to digital asset markets. The reforms also signal that the government views digital assets as a durable component of the country’s financial ecosystem rather than a temporary innovation cycle.

Binance has appointed its co-founder Yi He as co-CEO, adding new depth to the exchange’s senior leadership as the platform approaches 300 million users worldwide. The move marks a notable transition for the company, which has expanded rapidly across retail, institutional, and emerging market segments. Yi has been a central figure in Binance’s strategic development since launch, shaping product direction, community engagement, and brand positioning.

Co-CEO Richard Teng introduced the leadership update during Binance Blockchain Week, noting that Yi has been a core member of the executive team from the beginning. He said the expanded leadership structure reflects the maturity of the organization and its need for senior oversight across an increasingly complex global footprint. Teng also emphasized that user priorities and compliance will continue to guide the firm’s long-term strategy.

Today, I’m proud to share that our co-founder, @heyiBinance, has stepped into the role of Co-CEO.

Yi has been a core part of Binance since the very beginning. Her vision, instinct for users, and relentless commitment to innovation have shaped our culture and guided us through… pic.twitter.com/EF1gvKa7vs

— Richard Teng (@_RichardTeng) December 3, 2025

Advancing Product Innovation and Global Market Reach

Yi’s appointment reinforces Binance’s focus on product innovation and customer experience, two areas seen as central to the company’s expansion ambitions. As the firm targets one billion users, both executives have highlighted a commitment to building Web3 infrastructure, improving regulatory transparency, and supporting institutional adoption.

Binance continues to face intensifying competition from global exchanges, brokerages, and fintech platforms that are expanding digital asset offerings. The company is positioning its co-CEO structure as a way to support growth across new products, including custody, derivatives, and tokenization initiatives. Leadership also reiterated that building a trusted, compliant operating model remains a strategic priority as regulatory frameworks evolve across major markets.

Shared Strategy for the Industry’s Next Phase

Yi said the co-CEO model reflects a collaborative approach to managing a global financial technology platform. She stated:

“I am honored to build alongside Richard, who brings decades of experience in regulated financial markets. Together, we bring diverse perspectives and are confident in leading the future of the industry during this pivotal time, as we responsibly expand our global presence and drive sustainable innovation with our users always at the center.”

As Binance moves into its next phase of growth, the company is stressing stability, transparency, and long-term investment in infrastructure. Its leadership signaled that innovation, compliance, and user protection will remain the core pillars of its strategy as digital assets continue to integrate with mainstream financial systems.

Kraken, a regulated cryptocurrency exchange, announced it is acquiring Backed Finance, a tokenization platform that converts traditional financial assets such as stocks and ETFs into blockchain-backed tokens. The move represents a clear effort by Kraken to position itself as a leading venue for on‑chain, regulated tokenized assets. According to company leadership, Kraken plans to integrate Backed’s existing tokenized offerings more deeply into its own platform.

Strategic Expansion Through Tokenization

The acquisition underscores a broader institutional trend: blending traditional financial markets with blockchain infrastructure. By tokenizing real-world assets, Kraken aims to provide users with direct exposure to equities and ETFs while leveraging the efficiency and accessibility of blockchain markets. For institutional clients, this can simplify custody, settlement, and cross-border access under a unified digital asset framework.

Market Impact and Competitive Context

This development arrives amid growing interest in regulated tokenized assets, particularly as traditional financial firms explore blockchain-based instruments for improved liquidity and operational efficiency. Kraken’s move follows a wave of regulatory initiatives in Europe and elsewhere, where exchanges and financial institutions are racing to build compliant tokenization infrastructures ahead of broader adoption.

By acquiring Backed Finance, Kraken gains proven asset issuance capabilities and an existing user base, which may accelerate market acceptance. For other players in the crypto‑finance intersection, this heightens competitive pressure. Firms that provide brokerage, custody, or tokenization services may need to expand their offerings or deepen regulatory compliance to remain competitive.

Institutional investors stand to benefit from expanded options, but success will depend on regulatory alignment, transparency of tokenized asset issuance, and clear frameworks for custody and reporting. As digital asset markets evolve, Kraken’s acquisition could mark a significant step toward mainstream integration of tokenized equities and ETFs.

Ten leading European banks have formed a new company, qivalis, to issue a euro-pegged stablecoin designed to bolster Europe’s role in digital payments. The entity, based in Amsterdam, will be led by CEO Jan-Oliver Sell, who earlier worked at Coinbase in Germany. ING’s digital asset head, Floris Lugt, will serve as CFO, while former NatWest chair Howard Davies will hold the chairman role. The consortium aims to create a regulated, institution-backed digital asset that can compete with US stablecoins, which currently dominate global market share.

The group initially included ING, UniCredit, Banca Sella, KBC, DekaBank, Danske Bank, SEB, Caixabank, and Raiffeisen Bank International. BNP Paribas has since joined, signaling broader institutional alignment behind the project. The company is seeking an Electronic Money Institution licence from the Dutch central bank, with regulatory approval expected to take six to nine months. The stablecoin is planned for launch in the early part of the second half of 2026, contingent on completion of the licensing process.

The initiative comes as the global stablecoin market accelerates, particularly in the United States, where major financial institutions are preparing their own regulated dollar-backed tokens following recent federal legislation. Tether remains the dominant issuer, with roughly $185 billion of dollar-based stablecoins in circulation. Against that backdrop, qivalis represents Europe’s latest effort to improve competitiveness, reduce reliance on non-European issuers, and strengthen oversight of digital settlement infrastructure.

Strategic Implications for the European Market

The introduction of a euro-denominated stablecoin could provide institutional users with an alternative settlement rail that aligns with regional regulatory standards. Banks in the consortium have emphasized the need to modernize Europe’s payments architecture and cited the risk of falling behind US issuers that operate at larger scales and benefit from more mature domestic regulation. A stable, regulated euro token could support cross-border payments, institutional trading, and digital asset markets while mitigating reliance on offshore liquidity providers.

Regulators across the EU continue to implement the Markets in Crypto-Assets (MiCA) regulation, which sets requirements for issuance, reserve management, and operational transparency. By anchoring qivalis within this environment, the consortium aims to provide compliance assurances that could make the stablecoin more acceptable for banks, corporates, and institutional investors. The group’s decision to centralize licensing in the Netherlands reflects the country’s increasingly active role in digital finance oversight.

The project underscores both the competitive pressures and regulatory momentum shaping digital assets globally. If successful, qivalis could serve as a benchmark for Europe’s expanding digital money ecosystem and offer a regionally controlled alternative in a sector still dominated by US-based issuers.

Kalshi has begun offering tokenized versions of its event contracts on the Solana blockchain. This move is designed to draw crypto-native traders and expand liquidity across its markets. The company said the tokens mirror its existing regulated contracts but allow users to trade them on-chain with greater anonymity. The effort places Kalshi closer to the model used by Polymarket, its most prominent competitor, which has built a large user base by allowing direct on-chain trading.

The integration extends to decentralized finance protocols such as DFlow and Jupiter, which will act as institutional partners connecting Kalshi’s off-chain orderbook to Solana’s liquidity pools. The development shifts Kalshi further into the digital asset ecosystem at a moment when prediction markets are seeing accelerated retail and institutional activity.

Tokenization Strategy Targets Liquidity Needs

Tokenization allows a real-world financial claim to exist as a transferable digital asset on public blockchain infrastructure. For Kalshi, the strategy is aimed at tapping deeper liquidity sources as global demand for event contracts increases. Industry-wide prediction market volumes reached nearly $28 billion through October, fueled by rising interest in political, economic, and macro forecasting instruments.

Executives see crypto traders as a critical constituency. According to the company, digital asset holders tend to trade at higher frequencies and in larger sizes and contribute to tighter spreads and more reliable pricing. Bringing these users on-chain through tokenized contracts is expected to help Kalshi scale its markets while maintaining competitive execution quality.

Competitive Landscape Intensifies

Founded in 2018, Kalshi became the first US platform to offer federally regulated event contracts tied to congressional races following a prolonged legal battle with the Commodity Futures Trading Commission. The firm has since grown to more than 3,500 markets and raised over $300 million at a $5 billion valuation, backed by major venture firms including Andreessen Horowitz and Sequoia Capital. Its geographic footprint now spans more than 140 countries.

Yet the company faces renewed pressure as Polymarket prepares its US relaunch. Polymarket’s on-chain liquidity and strong crypto user base have helped it capture sizable volumes, setting a high competitive bar. Kalshi’s leadership acknowledges that sustained growth will require deeper liquidity and ongoing product innovation, positioning tokenization as a strategic lever to attract capital from the roughly $3 trillion digital asset market.

Liquidity remains a central challenge for any prediction exchange. The firm argues that broadening access to crypto-native traders strengthens price formation and helps ensure markets can support larger order sizes. Kalshi’s strategy underscores a broader trend toward merging traditional market structure with blockchain-enabled trading rails as institutional adoption of tokenized assets accelerates.

Sony Group is assessing a new digital payments initiative that could introduce a US dollar-pegged stablecoin into its global entertainment services. Sony Bank is studying the feasibility of issuing the token in the United States as early as fiscal 2026. The project would place Sony among the most prominent Japanese financial institutions exploring regulated, dollar-backed digital assets.

The company’s interest reflects a broader trend of established firms experimenting with blockchain-based settlement options as consumer spending shifts further toward digital platforms. By targeting a dollar peg rather than a yen-denominated model, Sony is signaling its intent to align with international user behavior and support cross-border transactions more efficiently.

Integration across Sony’s Digital Ecosystem

Sony Group is evaluating the stablecoin as a unified payment tool that could sit at the center of its games, streaming, and anime distribution services. Users could potentially employ the token to buy digital titles, in-game assets, or anime content, with the goal of reducing friction in cross-border billing and providing a consistent settlement mechanism across Sony’s platforms.

The company already operates a large global network of digital storefronts through its PlayStation brand, mobile game operations, and anime distribution units. A dedicated payment asset could help streamline transactions across these business lines. However, Sony has not disclosed technical specifications, supported regions, or the blockchain infrastructure under consideration. Key decisions will depend on regulatory approvals, compliance standards, and partnerships with licensed US custodians capable of managing dollar-backed reserves.

Positioning within Japan’s Evolving Stablecoin Framework

Sony Bank’s exploration arrives as Japan refines its regulatory framework for bank-issued stablecoins and tokenized financial products. Domestic rules emphasize strict custody, liquidity management, and oversight requirements, particularly for assets intended to mirror legal tender. Issuing the token in the United States could give Sony additional operational flexibility while allowing it to pilot a model aimed at global users.

The initiative also aligns with the broader push among Japanese financial institutions to test cross-border digital money applications. A compliant dollar-backed token could support new forms of consumer payments across entertainment services, while giving Sony a stronger position in emerging tokenized commerce markets.

Looking ahead, the stablecoin’s success will hinge on execution. User experience, wallet integration, security standards, and merchant acceptance will determine whether the token becomes a mainstream payment option or remains confined to Sony’s ecosystem. While the company appears focused on content-related use cases, the structure could evolve over time as regulatory clarity improves and digital settlement networks expand.

At the current moment, the project remains in an exploratory phase, with licensing and design decisions still underway. Even so, the initiative marks a significant step in Sony’s digital payment strategy and reflects how media and technology groups are preparing for a future in which stablecoins play a larger role in global digital commerce.