One of the leading crypto exchanges in the world, Binance, announced that it is joining Blockchain for Europe, the European membership association representing international blockchain industry participants at the EU-level. The crypto exchange giant Binance announced that it had joined the association whose members include major U.S. blockchain payments firm, Ripple. Blockchain for Europe advocates for “balanced policy and regulatory governance” for the distributed ledger technology, the crypto exchange noted.
The European Union seeks to make crypto regulations clear.
According to the Reuters report, the European Union is looking at creating rules for cryptocurrencies such as bitcoin, and related technologies such as blockchain-based digital contracts. Currently, the EU has no specific regulations on cryptocurrencies. Until Facebook unveiled plans for the Libra coin last year, digital currencies had been seen as a marginal issue in Brussels because only a fraction of them are converted into euros. However, European regulators have strengthened anti-money laundering laws. According to CryptoCompare data, Binance in July saw the largest trading volume among major exchanges, at $68.4 billion.
Binance also joined the self-regulating industry in the UK.
The crypto exchange giant Binance revealed earlier that its UK subsidiary had joined the self-regulating industry association UK and the Australian entity has become a part of the local fintech industry advocacy body Fintech Australia. As reported earlier, as an executive member of the self-regulating industry association CryptoUK, Binance joined the peer groups of Coinbase, Coin Shares, CryptoCompare, eToro, and Ripple, all of which are responsible for the association’s Code of Conduct, policy positions, and governance. The crypto exchange has acquired many local crypto and blockchain companies worldwide in the past few years.
