Binance UK joins self-regulatory trade association CryptoUK
In order to develop a regulatory framework for cryptocurrencies, Binance UK, the British affiliate of Binance cryptocurrency exchange, joined Crypto UK as its executive member. Binance UK which launched its exchange in 2018, said in a tweet:
We are looking forward to working with the UK #crypto community to promote sustainable growth and contribute to the development of industry best practices. Crypto UK is a self regulatory trade committee that includes firms like Coinbase, Ripple, Coin Shares, CryptoCompare and eToro.
We are excited to join @cryptoUKassoc as an Executive Member
— Binance.UK ?? (@BinanceUK) August 27, 2020
The committee along with their new member Binance UK will work with government policymakers to ensure that the UK supports crypto assets businesses and their customers.
Welcome to our new Executive Member @BinanceUK. We're looking forward to working together to help develop a supportive regulatory framework for #cryptoasset businesses & customers in the #UK:https://t.co/cPeBYQozDt#crypto #blockchain #exchange #digitalassets #cryptocurrency pic.twitter.com/kcZhTLrOjz
— CryptoUK (@CryptoUKAssoc) August 27, 2020
Director at Binance UK, Teana Baker-Taylor, said the exchange will work with industry peers and policymakers to support and promote continued focus on financial services innovation.
CryptoUK Chair, Ian Taylor hoped that Binance UK would bring significant local and global expertise to the association that has built meaningful relationships with industry participants, regulators and policymakers.
The members of the CryptoUK association are currently committed to responding to HM Treasury’s current public consultation on ‘Cryptoasset Promotions.’ Crypto UK intends to bring certain “cryptoassets into scope of financial promotions regulation.” The government will consult later in 2020 on the broader regulatory approach to cryptoassets, including new challenges from so-called ‘stablecoins’, according to the release.
Previously in August, the US-based cryptocurrency exchange Gemini was the first exchange to receive a license from the UK’s Financial Conduct Authority (FCA).