The R Roundup: UK Denies Crypto As Gambling — Issue #98

The R Roundup
4 min readJul 23, 2023

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Britain’s Financial Services Minister, Andrew Griffith, stated that treating cryptoassets as gambling would be contrary to global and EU regulations and would not effectively address the risks associated with the sector. \

The Treasury Select Committee suggested regulating certain cryptocurrencies as gambling due to the potential harm to consumers, but the finance ministry strongly disagrees.

They prefer to regulate crypto and blockchain technology as financial services, warning investors about the risks involved. Griffith also highlighted that such a gambling regulation approach would contradict established recommendations from international bodies like the IOSCO and the G20 FSB.

The EU has already approved comprehensive rules for trading cryptoassets, which will take effect in 2024. Currently, the UK’s Gambling Act does not classify cryptocurrency trading as gambling.

Binance Backs Bitcoin Network🍊

Cryptocurrency exchange giant Binance has successfully integrated the Bitcoin Lightning Network onto its platform for BTC withdrawals and deposits.

Users can now utilize the layer-2 scaling solution by selecting “LIGHTNING” as an option when handling Bitcoin transactions.

This move comes after Binance faced challenges with BTC withdrawals due to high gas fees caused by memecoins using the BRC-20 token standard.

By adopting the Lightning Network, Binance aims to make Bitcoin transactions faster and more cost-effective.

Binance joins other major exchanges like Bitfinex, River Financial, OKX, Kraken, and CoinCorner in embracing this technology.

Opensea P2P NFT Swaps🎨

OpenSea, the popular NFT marketplace, has introduced a new feature called “Deals,” enabling direct peer-to-peer NFT trading and allowing collectors to sweeten the exchange by adding wrapped ether (WETH).

Powered by OpenSea’s native NFT protocol Seaport, Deals aims to provide a secure and trustworthy platform for NFT swapping, eliminating the risks associated with off-platform transactions.

Users can initiate a deal by selecting up to 30 NFTs and specifying the amount of WETH they want to include. The NFTs involved in the deal must be from verified collections on the same chain.

Notably, OpenSea won’t charge fees or creator royalties for Deals swaps, making it an appealing option for collectors. This move is likely a strategic response to competition from zero-fee marketplace Blur, which has been challenging OpenSea’s dominance in the NFT space.

Super Bowl MVP NFT Platform🏈

Kansas City Chiefs’ star quarterback, Patrick Mahomes, is gearing up to release 15,000 digital collectibles through his Museum of Mahomes NFT brand this September.

Building on his successful NFT debut in 2021, the upcoming “Museum of Mahomes II” collection will feature artwork inspired by his entire NFL career.

Some NFTs will come with real-world perks like physical trading cards, autographed jerseys, and footballs.

The specific blockchain network and pricing details for the collectibles have not been disclosed yet. A portion of the proceeds from NFT sales will support Mahomes’ charitable foundation, benefiting children in underserved communities.

While Mahomes has his own NFT venture, he is also associated with Dapper Labs’ NFL All Day as an official spokesperson.

As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies. This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.

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ISSUE #98

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