Currency.com becomes a managing member of the self-regulating trading group CryptoUK

Cryptocurrency Exchange Currency.com joins CryptoUK, a self-regulating trading association for the crypto industry in the UK.

In an announcement on Thursday, CryptoUK announced that the company will become an executive member of the management team alongside Binance.UK, Crypto.com, CryptoCompare, Electroneum, eToro, Ripple, BCB Group, Outlier Ventures and Simmons & Simmons. Executive members have a responsibility to work together “to guide the strategic direction of the association” in addition to working with UK government officials to develop a regulatory framework for cryptocurrencies. .

Currency.com said it plans to “encourage more 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 needed to adapt to the growing use of mainstream 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 Ian Taylor, President of CryptoUK. “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. Binance’s UK branch joined the self-regulatory group in August. CryptoUK was founded in 2018 and currently has over 50 members.

The group is currently focused on helping develop a regulatory framework for cryptocurrencies in the UK to make the country a “hub for fintech talent and expertise”. However, other UK regulators appear to have cross-listed Binance, with the Financial Conduct Authority ordering the exchange in June to suspend all regulated activity until it can review its activities. Several local banks, including Barclays and Santander UK, have banned payments to major crypto exchanges.