Crypto trading company Currency.com joins CryptoUK, a self-regulating trading association for the cryptocurrency industry in the UK.
In an announcement made on Thursday, CryptoUK announced that the company would become an executive member of the regulatory group alongside Binance.UK, Crypto.com, CryptoCompare, Electroneum, eToro, Ripple, BCB Group, Outlier Ventures and Simmons & Simmons. Executive members are responsible for working together “to guide the federation’s strategic direction” and working with UK government policy makers to develop a regulatory framework for crypto.
Currency.com said it plans to “encourage greater dialogue and collaboration with regulators and policy makers” as a member of the group. The company’s chief strategy officer Vitaliy Kedyk said regulation and best practices are necessary to adapt to the growing mainstream usage of cryptocurrencies.
“Our community is working together to grow the UK digital asset sector and develop a supportive regulatory framework for businesses and consumers of crypto assets,” said CryptoUK Chairman Ian Taylor. “Currency.com will bring significant local and global expertise to our Executive Committee and its initiatives.”
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The crypto trading company’s admission as the tenth board member comes in the same week that CryptoUK accepted British crypto company BCB Group and venture platform Outlier Ventures. The UK branch of Binance joined the self-regulatory group in August. CryptoUK was founded in 2018 and currently has more than 50 members.
The group said it is currently focused on helping develop the regulatory framework for crypto in the UK to make the country the “heart of fintech skills and talent.” However, other regulators in the UK appear to have targeted Binance, with the Financial Conduct Authority ordering the exchange in June to suspend all regulated activity until it could conduct a review of its business. Some local banks, including Barclays and Santander UK, have since banned payments to the major crypto exchange.