New Community-Wide Initiative Forms by Bitcoin’s Biggest Traders to Spotlight Scams and Schemers


Multiple Trading Companies Discuss Possibility of Establishing Crypto Blacklist

Quick Facts:

  • A discussion between 35 crypto entities discussed potential for blacklist of scammers.
  • An alternative option of accreditation for firms in good standing was also presented.

The cryptocurrency world is a complicated place, and the constant scams that have arisen in the news lately are making it hard for new and existing investors to trust. In a new article from Bloomberg, it has become clear that the big players and traders in the industry want to gain this faith back from the public. Multiple firms, which include DRW Holdings, Galaxy Digital Holdings, and Ripple, have discussed the possibility of creating a list of entities that are known for their “nefarious activities,” as Bloomberg writes.

The discussion between a total of 35 entities was held on Tuesday in Chicago, where they introduced another possible solution – an accreditation that would show the firms that are in good standing. This accreditation would be validated by a “loose association of crypto businesses,” which would be better known as the Crypto OTC Roundtable Asia (CORA).

A managing partner of QCP Capital in Singapore, Darius Sit, commented that the collaboration with other firms in the community could ultimately help with the compliance standards of the industry. In doing so, the community would end up preventing liabilities that otherwise would arise as a result the bad actors and trading with them. He added:

“A self-governance initiative like this is also something that regulators are keen to see.”

This meeting comes at the same time that Binance announced that they were dealing with a major security breach, losing 7,000 Bitcoins to a hacker, which was worth over $40 million at the time. The CEO of Binance, Changpeng Zhao, wrote a letter on the Binance website, explaining that the funds were pulled from their hot wallets, which have less than 2% of the Bitcoin holdings of Binance.

The co-founder and COO of Chainalysis, Jonathan Levin, claimed last month that at least 95% of the crimes related to crypto that law enforcement has taken action on involve Bitcoin. However, considering that the blockchain provides a fairly clear path for every single transaction with its transparency, the authorities are having an easier time in building these cases than with traditional finance.

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