☕️Crypto Crackdown

Good morning.

It’s looking like 2024 will be an (even more) uncomfortable year for previously unchecked digital services providers like Binance, with AUSTRAC set to crack down on unsatisfactory compliance across the sector. Last week ASIC scolded neobrokers for mishandling client funds in a report from a 24 month probe into the arena, and suggested that it plans to conduct “targeted reviews” to ensure operators comply with their obligations.

This scrutiny is likely to coincide with the drafting of a crypto regulatory framework, which the Treasury has pencilled in for release in 2024.

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Market movers

Owner of crypto casino Stake.com has taken a bet on the online bookmaker, PointsBet.

Stake.com founder Ed Craven and his business partner, Bijan Tehrani, have reportedly built up a 4.2% stake in the ASX-listed PointsBet to try their luck in the traditional gambling world. With operations established internationally, Melbourne-based PointsBet is currently focused on building out its Australian footprint using funds from selling its US business to Fanatics US$225 million ($343.2 million) in August.

PointsBet shares closed up on Tuesday at 81c.

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The quick sync

• Netflix urges government to reconsider proposed content quotas, warning they could force streamers to hike prices that consumers will have to shoulder. (Capital Brief)

• US inflation lowered slightly in November, but it is unlikely to be enough to prompt the Fed to lower interest rates just yet. (Wall Street Journal)

• Why the ocean finance movement gave Twiggy’s philanthropy a new calling. (Capital Brief)

• Walgreens is considering a potential exit from its UK pharmacy chain Boots, which could reach a valuation of £7 billion. (Bloomberg)

• ACCC says an ANZ-Suncorp Bank would push up its size ranking to #3, making it 3.5x the size of its nearest rival beyond the Big Four. (Capital Brief)

• Google lost a US antitrust suit against gaming company, Epic, which found that Google abused its power by suppressing competition in the Android app market, securing billions in profits through the Play Store. (Financial Times)

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Trading floor

M&A

• Quadrant Private Equity completes the refinancing of Junior Adventure Group, with Barings increasing its share of the debt. (AFR)

• How Chemist Warehouse’s mammoth backdoor listing compares to previous ASX reverse mergers. (Capital Brief)

• Angus Aitken has expressed support for Washington H. Soul Pattinson's $3bn bid for Perpetual (AFR)

• OneVentures realises $116.2m return in Growth Fund II with Employment Hero deal. (Capital Brief)

• Keppel Infrastructure Holdings is reportedly the preferred bidder for Ventura Group and is expected to finalise the deal soon. (AFR)

• Cirrus Networks shareholders see over 100% gain following Atturra's $57.3m acquisition. (AFR)

• Soprano Design has urged Whispir shareholders to accept its revised offer of 48¢ a share by Friday. (AFR)

• EQT is reportedly in talks with a healthcare provider in the UK for a significant bolt-on acquisition to strengthen Icon Group. (The Australian)

• Santos' Papua LNG project faces a delay in construction approval due to activist pressures and market challenges. (AFR)

• Estia faces competition in its bid to acquire aged care provider BlueCross Aged Care. (The Australian)

CAPITAL MARKETS

• Soprano Design intensifies its bid for Whispir with a second statement on ASX. (AFR)

• Atturra seeks $50m through an entitlement offer managed by Morgans and Unified Capital Partners. (AFR)

• David Di Pilla's Project Orbit move draws attention from Australia's top bankers, who were chasing a Chemist Warehouse IPO. (AFR)

• Atlas Iron founder David Flanagan is set to lead Arrow Minerals, with a $4m capital raise. (AFR)

VC

• Relevance AI secured $15m in a Series A funding round led by venture capitalist King River Capital. (BNA)

• Vitruvian secures $21.8m in internal funding extension from existing investors. (Smart Company)

People moves

• Gail Pemberton's appointment to the Link Group board signals a potential buyout or break-up next year. (The Australian)

• Head of Goldman Sachs’ commodities trading business, Ed Emerson, who earned approximately $152 million over the last three years, will step down after a transition period. (AFR)

The watercooler