As cryptocurrency becomes more mainstream, it is natural that more prominent firms within the industry come together for their common good. Not only does this benefit such companies financially but also helps to create uniform practices within the industry and ensure some level of regulation even as governmental bodies around the world are still establishing laws for the industry.
Binance, one of the biggest exchanges in the industry, has taken this leap as it has been announced that their UK arm has joined CryptoUK.
CryptoUK is a self-regulating trade organization for cryptocurrency entities within the United Kingdom and Binance has come on board as an executive member. They are not the only major cryptocurrency company to do so, however. Coinbase, Ripple, and CoinShares are also members of the body which formally launched in 2018.
For now, the organization’s main goals are to aid in the development of the industry within the United Kingdom. For example, HM’s Treasury is currently seeking public consultations regarding the promotion of cryptocurrency-related assets.
CryptoUK currently has plans to contribute to this public consultation. Furthermore, the body will be contributing to the U.K.’s Cryptoasset Task Force’s consultation on stablecoins in late 2020. Needless to say, Binance and the other members of the organization will have their work cut out for them moving forward.
According to Teana Baker-Taylor, director at Binance U.K.:
“Self-regulating bodies play a key role in developing […] best practices, as well as building consumer confidence. Associations like CryptoUK help to facilitate meaningful discussion and education with policymakers, which enables the development of more informed policies that are more effective in supporting both the industry and consumers.”
Binance’s Developments in 2020
Besides their joining of CryptoUK, Binance also has also been in the news a number of times this year for their recent developments.
As previously reported by The Daily Chain, it was announced that Binance had launched both a hackathon as well as an accelerator to benefit the DeFi ecosystem within India.
The initiative is dubbed Build for Bharat and will begin accepting general applications from September 2020. After this, 100 teams will be shortlisted and they will go through a trial stage that will last until the 20th of that month.
The selected candidates will then go through a trial round and the last five finalists will be rewarded from a $40,500 prize pool. As part of the prize, they will also receive support from the Binance team and ecosystem.