Crypto News Roundup: Schwab’s M&A Plans, Binance Leadership, UK Law

The most striking signal from traditional finance this week came from brokerage giant Charles Schwab. CEO Rick Wurster told Reuters the firm is open to pursuing mergers and acquisitions involving cryptocurrency companies, should the right opportunity arise. This statement is not made in isolation; it aligns directly with Schwab’s confirmed plan to introduce spot crypto trading services in the first half of 2025. The dual strategy of building internal capabilities while eyeing strategic acquisitions suggests Schwab is accelerating its push into the digital asset space, positioning itself to capture market share as institutional adoption grows.

Wurster’s remarks represent a notable shift in posture from a firm synonymous with mainstream investing. For a company of Schwab’s scale and regulatory standing to publicly consider crypto-focused M&A deals lends considerable legitimacy to the sector. This move reflects a calculated effort to bridge the gap between traditional brokerage services and the burgeoning demand for digital asset access, potentially setting a precedent for other major financial institutions contemplating deeper crypto integration.

In a pivotal development for legal certainty, the United Kingdom has officially passed a law classifying cryptocurrencies as objects of personal property. Effective December 3, this new statutory framework provides much-needed clarity on critical issues like ownership rights, dispute resolution, asset recovery, and enforcement. Prior to this law, cryptocurrencies were only recognized as property through individual court rulings, creating a patchwork of precedents rather than a consistent legal foundation.

This formal recognition by UK lawmakers is widely seen as a welcome step for market participants. It provides a clearer legal footing for businesses and individuals engaging with digital assets like BTC and ETH, reducing uncertainty in transactions and contractual agreements. By moving crypto out of a legal gray area and into a defined property category, the UK is attempting to foster a more secure and predictable environment for innovation and investment, potentially influencing regulatory approaches in other jurisdictions.

Simultaneously, major players within the crypto industry itself are undergoing significant transformations. Binance, one of the world’s largest exchanges, appointed co-founder Yi He as its new co-CEO, joining Richard Teng in leading the company. Yi He, who has long overseen branding, community, and product growth, will now take on broader operational responsibilities. This appointment marks one of the most significant leadership changes since founder Changpeng Zhao stepped down in late 2023, signaling a new chapter in the exchange’s governance and strategic direction.

Meanwhile, in the United States, Coinbase is advancing institutional integration through new partnerships. The exchange is working with several major U.S. banks on pilot programs exploring stablecoin payments, crypto trading, and custody services. This initiative is designed to help traditional financial institutions cautiously test and expand their digital-asset capabilities. For Coinbase (COIN), these partnerships represent a strategic bridge to Wall Street, reflecting renewed institutional interest despite broader market uncertainty and positioning the company as a key infrastructure provider for banks entering the crypto space.