Binance, the world’s leading cryptocurrency exchange, is taking an active role in forming a consortium of crypto companies with the aim of restoring trust in the crypto industry and influencing regulatory efforts.
The consortium, which will include a variety of crypto-related entities such as individual projects, exchanges, and blockchain analytics firms, will operate in a decentralized manner, aimed at aligning with the crypto community.
The current state of the global crypto industry, facing increasing regulation following a wave of retail losses and failed companies, has driven Binance to join efforts in promoting self-regulation.
This is not the first time an exchange has backed such an initiative, with Gemini, owned by the Winklevoss brothers, being vocal about self-regulatory efforts since 2019.
The consortium will work with regulators around the world and demonstrate the industry’s efforts in combating criminal activities.
The formation of the consortium is also aimed at addressing the consolidation of power in the crypto industry, as seen in the case of former FTX CEO Sam Bankman-Fried, and to prevent contagion issues in the future.
The group will provide a mechanism to address shortcomings and bad behavior in the industry and help maintain its credibility.
Binance declined to comment on the matter. The formation of the consortium is a positive step towards restoring trust in the crypto industry and creating a more regulated and stable environment for crypto investors.
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