As the largest cryptocurrency exchange in the world, Binance is ramping up its interaction with authorities by joining the executive committee of the Chamber of Digital Commerce, a U.S. advocacy organization for the blockchain sector.
According to a statement, Binance will engage in dialogue with legislators and regulators in order to contribute to research and perhaps change the design of crypto law. Binance joins the Chamber alongside Visa and Deloitte and two crypto behemoths: Circle and OKCoin. Since the year 2020, the U.S. branch of the exchange, Binance US, has been represented on the top decision-making body: the executive committee.
After a history of run-ins with financial authorities, Binance has taken significant steps in the last year to strengthen its regulatory competence. This latest development is another landmark in that direction.
Binance’s VP of public affairs, Joanne Kubba, was quoted as saying,
As an organization at the crux of the industry’s rapid growth and complex regulatory environment, working hand in glove with policymakers, regulatory bodies, and industry groups like the Chamber are imperative to our mutual mission of fostering the sustainable development of sensible regulations for cryptocurrency and blockchain which ensures protections for users.
The Newest Participant
Blain Rethmeier, the Chamber of Digital Commerce’s vice president of public relations, says that Binance has established itself as a pioneer in this growing ecosystem.
Binance’s internal influence on the cryptocurrency sector is likewise expanding rapidly. To help soften the pain of the demise of FTX, the corporation has set aside $1 billion as part of a “industry recovery effort” fund to invest in cryptocurrency companies.
Although major outflows were recorded last week, there is still considerable concern about the exchange’s financial soundness. This week also saw a probe by Reuters on Binance’s opacity with its financials.