Binance.UK joins the CryptoUK Association of the Self-Regulatory Industry as a managing member.
The exchange will partner with stakeholders like Coinbase, CryptoCompare and Ripple to guide the strategic direction of the partnership and work with government policy makers to develop a legal framework for digital assets in the UK.
CryptoUK was founded in early 2018 and promotes an active code of conduct for its members. Binance.UK intends to take a proactive role in updating to ensure that best practices continue to be delivered. This information is welcomed by CryptoUK President Ian Taylor:
“Binance.UK will bring significant local and global expertise to our Executive Committee and initiatives. We look forward to working with them to develop a supportive legal framework for crypto companies and customers in the UK. “
As Cointelegraph reported, Binance announced its expansion into the UK market in June. A regulated exchange platform is to be introduced in autumn.
The company is led by banking and fintech veteran Teana Baker-Taylor. On Binance.UK, which is joining the CryptoUK partnership, Baker-Taylor told Cointelegraph:
“Self-regulatory authorities play a key role in development […] Best practices as well as building consumer confidence. Associations like CryptoUK enable meaningful discussion and education with policy makers and enable more informed strategies to be developed that are more effective in helping both industry and consumers. “
Binance.UK was developed to offer simplified functions for buying and selling cryptocurrencies as well as bank deposits and withdrawals in sterling and euros. It is aimed at crypto beginners as well as existing users in the UK and across Europe.