Binance UK Joins the CryptoUK Self-Regulatory Association Ahead of Its Expected Launch
Binance U.K has joined CryptoUK, a self-regulatory trade association, as it prepares to launch its trading services in the United Kingdom. The exchange’s U.K subsidiary broke this news on Twitter, noting that they are joining the association as an executive member.
This milestone will see Binance U.K operate alongside the likes of Coinbase, Ripple, CryptoCompare, eToro, and CoinShares, who are also part of the CryptoUK executive committee.
Started back in 2018, the CryptoUK initiative came about as an avenue to accelerate crypto growth in the U.K through self-regulation. Some of the issues that the association advocates for include the development of best practices in crypto as well as sustainable growth. On this front, CryptoUK operates in liaison with stakeholders, not limited to financial regulators.
Currently, they are focused on giving feedback to Her Majesty’s Treasury, which recently inquired the public about crypto asset promotions. In addition, the association is set to play a contributing role in the U.K Cryptoasset Task Force stablecoin consultation, which is slated for late 2020. Ian Taylor, the chairman of CryptoUK, has since welcomed Binance U.K to advance the association’s course,
“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.”
This latest move by Binance U.K solidifies an entry position into the British market following the acquisition of EddieUK, which now operates as Binance Markets Limited. Notably, the firm was already regulated by U.K’s Financial Conduct Authority (FCA) hence a smooth transition that would have been otherwise cumbersome, given regulatory hurdles. Binance U.K head, Teana Baker-Taylor, acknowledged the additional value in joining a self-regulatory body,
“Self-regulating bodies play a key role in developing […] best practices, as well as building consumer confidence. Associations like CryptoUK help to facilitate meaningful discussion and education with policy makers, which enables the development of more informed policies that are more effective in supporting both the industry and consumers.”