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Binance to join Crypto UK as an executive membe

Binance will bring it “significant local and global expertise”, says crypto.uk chairman

Binance.UK, the British affiliate of the world’s biggest crypto by volume, has announced it will be joining crypto.UK as an executive member.

In a blog, released today, Binance explained its decision to join the self-regulatory trade association as an opportunity to represent the ‘digital asset sector.’ Binance had previously announced its UK expansion plans in June and is expected to launch a regulated exchange platform in the autumn.

Crypto.UK was formed in 2018 to self-regulate within the crypto industry and promote an active code of conduct for its members. Binance.UK will join stakeholders such as Coinbase, CryptoCompare and Ripple in leading the association’s strategic direction. The exchange will also work through the body with the government of the United Kingdom to develop a regulatory framework for digital assets.

“Since our launch in early 2018, CryptoUK has built meaningful relationships with industry participants, regulators, and policymakers,” said CryptoUK Chair, Ian Taylor.

CryptoUK Chair, Ian Taylor, said that, “Binance.UK will bring significant local and global expertise to our Executive Committee and initiatives. We look forward to working with them to help develop a supportive regulatory framework for crypto-asset businesses and customers in the UK”.

Binance.UK is expected to play a key role in the organisation moving forward. With a group of experts and other stakeholders, Binance.UK will be responsible for the association’s code of conduct, policy positions and governance to ensure the UK fulfills is a global leader in this rapidly developing and expanding industry, the blog said.

Binance.UK further reaffirmed its commitment to Crypto.UK’s principles and self-regulatory code of conduct.

“Binance.UK is launching a fiat-crypto trading platform to serve the increasing interest and participation in the U.K. digital asset markets,” said Teana Baker-Taylor, U.K. Director for Binance.

“As a global leader in the digital asset industry, we are committed to working with both our industry peers and policymakers to facilitate discussion and education that foster sustainable policy development in the UK to support and promote a continued focus on financial services innovation,” added Baker-Taylor.

CryptoUK and its members are currently responding to HM Treasury’s current public consultation on ‘Cryptoasset Promotions’.

Binance’s Australian entity recently became a part of the local fintech industry advocacy body, Fintech Australia.

Written by Harshini Nag

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