Binance, one of the largest cryptocurrency exchanges, is seeking to restore confidence in the market after a series of problems involving companies last year.
The exchange is helping bring together a consortium of other companies that intend to reach out to global financial regulators.
As reported by CoinDesk, the consortium already includes several companies, ranging from individual projects to exchanges and blockchain analytics firms.
The group’s goal is to influence future regulations by demonstrating the industry’s ability to cooperate with global laws.
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Although cryptocurrencies are often criticized as a tool for money laundering and other illicit activities, industry leaders point to the transparency of public blockchains as an obstacle for criminals, not an advantage.
The consortium will not be managed by Binance, but rather “in the most decentralized way possible among various projects to ensure alignment with the community,” according to a CoinDesk source.
“[The creation of the group] is also to ensure that there is a mechanism to point out shortcomings and misconduct within the industry and help prevent larger contagion problems,” the source added.
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Reference source: investing.com
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