Binance Organizes Consortium of Companies to Bring Confidence Back to the Market

Binance, one of the largest cryptocurrency exchanges , is looking to restore confidence in the market after a series of problems involving companies last year.

The exchange is helping to bring together a consortium of other companies intent on reaching out to global financial regulators.

As reported by CoinDesk, the consortium already includes several companies, ranging from individual projects to exchanges and blockchain analysis companies.

The group’s aim is to influence future regulations by proving the industry’s ability to cooperate with global laws.

While cryptocurrencies are often criticized as a tool for money laundering and other illicit businesses, industry leaders point to the transparency of public blockchains as a hindrance for criminals rather than an advantage.

The consortium will not be run by Binance, but rather “in the most decentralized way possible between many different projects to ensure alignment with the community,” according to a source at CoinDesk.

“[The creation of the group is] also to ensure that there is a mechanism to point out deficiencies and misbehavior in the industry and help to avoid bigger problems of contagion”, he added.

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Reference source: investing.com