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In an official press release published by Binance, it is reported that Binance.uk will become a member of CryptoUK and will have a place in this association which already includes Coinbase, CoinShares, CryptoCompare, eToro and Ripple.
CryptoUK is an association that was launched in 2018 to represent the industry in the UK and includes important members of the blockchain and crypto landscape who pursue non-traditional finance in the interests of the private consumer but also the business world, with high-security standards.
One of the reasons why these companies are working together is to talk to the authorities to create a legislative framework that can be inclusive so that old regulations are not enforced in order to push the industry to new frontiers without restricting it.
The objectives of Binance in CryptoUK
This is a goal that Binance also pursues, as explained by the director of Binance U.K., Teana Baker-Taylor:
“Binance.UK is launching a fiat-crypto trading platform to serve the increasing interest and participation in the U.K. digital asset markets. As a global leader in the digital asset industry, we are committed to working with both our industry peers and policy makers to facilitate discussion and education that foster sustainable policy development in the U.K. to support and promote continued focus on financial services innovation”.
Joining CryptoUK also includes a code of conduct that Binance UK will have to follow in order to comply with the other members of the association.
In any case, Binance’s membership will be very important. The head of CryptoUK, Ian Taylor, explained:
“Since our launch in early 2018, CryptoUK has built meaningful relationships with industry participants, regulators and policymakers. 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 cryptoasset businesses and customers in the U.K.”.
CryptoUK and its members respond to the HM Treasury for public consultations on the promotion of crypto assets and also contribute to the UK Task Force on cryptocurrencies to be held later this year to discuss stablecoins in particular.