Binance, movement to establish a consortium ── aim to restore industry trust: stakeholders | coindesk JAPAN | Coindesk Japan

Cryptocurrency exchange Binance is supporting the establishment of a consortium aimed at restoring confidence in the industry and will take an active role in upcoming regulations, according to people familiar with the plan. said the person.

Many companies have already announced their participation, and a wide range of industry players, including various projects, exchanges, and blockchain analysis companies, said the people involved. However, no specific company name was mentioned.

We reached out to Binance for an interview, but the company declined to comment.

The cryptocurrency industry is in a tough spot right now, preparing for tougher regulation following last year’s loss of retail investors and bankruptcies of major companies. The Winklevoss brothers’ Gemini have previously advocated for a self-regulatory effort since 2019.

The consortium will not be run by Binance, but “will be run in the most decentralized way possible by many different projects to ensure alignment with the community,” said the official.

The goal of the consortium is to partner with regulators around the world and demonstrate the industry’s leadership and attitude when it comes to fighting crime. He also touched on Sam Bankman-Fried as background to the establishment of the consortium.

“[The establishment of the consortium]is also to make it clear that there is a mechanism to point out the shortcomings and bad behavior of the industry and to avoid escalating the problem,” the official continued.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: Danny Nelson/CoinDesk
｜Original: Binance Is Organizing a Consortium to Try to Rebuild Trust in Crypto: Source