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Cryptocurrency becomes executive member of self-regulating trade group CryptoUK

July 22, 2021. Summarized by summa-bot.

Compression ratio: 57.1%. 1 min read.

Founded in 2018, CryptoUK currently boasts more than 50 crypto exchanges and firms as members working to develop a regulatory framework for crypto in the United Kingdom.

Crypto trading company Currency. com is joining CryptoUK, a self-regulatory trade association for the cryptocurrency industry in the United Kingdom.

In a Thursday announcement, CryptoUK said the firm would become an executive member in the regulatory group alongside Binance. UK, Crypto. com, CryptoCompare, Electroneum, eToro, Ripple, BCB Group, Outlier Ventures, and Simmons & Simmons.

Executive members are responsible for collaborating "to lead the association’s strategic direction" in addition to working with government policy makers in the U. K. to develop a regulatory framework for crypto.

The addition of the crypto trading company as its 10th executive member comes the same week CryptoUK accepted U. K. -based crypto firm BCB Group and venture platform Outlier Ventures.

The group said it is currently focused on supporting the regulatory framework development for crypto in the United Kingdom, aimed at making the country “the heart of fintech capabilities and talent. ” However, other regulators in the U. K. seem to have put Binance in their crosshairs, with the Financial Conduct Authority ordering the exchange in June to cease all regulated activities until it could conduct a review of its operations.

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