☕ Crypto crackdown

Good morning.

ASIC is gearing up to tighten the reins on Australia’s crypto landscape, and as Capital Brief’s Andrew Cornell reports, the timing is set to ruffle industry feathers.

With the regulator stepping up enforcement, exchanges might soon need pricey licences that could potentially become outdated when new legislation is finally released.

Binance Australia’s Ben Rose welcomed the regulatory push and Clyde & Co’s Liam Hennessy said the guidance will likely build on ASIC’s recent enforcement actions.

But others are not pleased. “I expect there will be widespread discontent that this is happening before the new legislation and that is unlikely to emerge before an election,” one participant told Cornell.

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Market movers

Judo Bank’s full-year results sent its shares soaring on Tuesday, making it the best performer among the ASX 200.

The bank’s underlying profit was slightly better than expected, but the highlight was its 20% lending growth and resilient net interest margin.

The quick sync

• Now profitable and after raising $108m in 2022, Advanced Navigation, is hunting for acquisition opportunities. (Capital Brief)

• BOQ wields the axe with up to 600 jobs to go as part of a simplification and digitisation drive. (The Australian)

• The Albanese Government has approved SunCable’s Australia-Asia Power Link to become the country’s largest solar farm, bringing Mike Cannon-Brookes' vision closer to reality. (Capital Brief)

• Foxtel and its biggest sports rights partners face millions in damages after being accused of breaching US privacy laws using Meta’s tracking tools. (AFR)

• Yancoal is focusing on acquiring Anglo American’s Queensland coal mines by retaining its $420m interim profit instead of paying dividends. (AFR)

Trading floor

M&A

• Sitemate has acquired Nomad Fleet for $2m to merge their software solutions. (Capital Brief)

• Woodside is seen as a prime candidate for mergers and acquisitions by major global energy players. (The Australian)

• Bell Potter is raising $60m for SRG Global, to fund the $111m acquisition of Diona Pty Ltd. (AFR)

• Analysts estimate that Webjet’s demerger could increase its overall value by up to $2bn. (The Australian)

Capital Markets

• Vicinity Centres' shares rose after exceeding full-year earnings guidance and acquiring a 50% stake in Perth's Lakeside Joondalup for $420m. (Capital Brief)

• Evolt 360 is preparing for a pre-Christmas IPO and has launched a funding round supported by Regal Funds and Perennial Partners. (AFR)

• Retail Food Group has achieved a turnaround with a $14.7m profit in FY24, with plans to rebrand as "Savora" to mark its fresh start. (BNA)

VC

• Metakosmos has raised $2m in a pre-Seed round led by Saudi Arabian tech group Alzadhar Al-Sanai. (Startup Daily)

People moves

• Fletcher Building has appointed Andrew Reding as group CEO and managing director, starting fully on September 30. (Capital Brief)

The watercooler