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.
Currency.com said it planned “to drive greater dialogue and collaboration with regulators and policy makers” as a member of the group. The company’s head of strategy Vitaliy Kedyk said regulation and best practices were necessary to adapt to the growing mainstream usage of cryptocurrencies.
“Our community collaborates to grow the UK’s digital asset sector and help develop a supportive regulatory framework for crypto asset businesses and consumers,” said CryptoUK chair Ian Taylor. “Currency.com will bring significant local and global expertise to our Executive Committee and its initiatives.”
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. Binance’s U.K. arm joined the self-regulatory group in August. CryptoUK formed in 2018 and currently has more than 50 members.
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. Some local banks including Barclays and Santander U.K. have since banned payments to the major crypto exchange.