One of the most famous and massive cryptocurrency exchange platforms in the world, Binance, is looking to join hands in creating a 'regulatory framework' for crypto in the coming years. It will partner with another crypto trade association, the Chamber of Digital Commerce, to deliver these regulations soon, one that would help bring the blockchain ecosystem "forward."
Binance to Help Regulate Crypto with the Chamber of Digital Commerce
(Photo : ERIC PIERMONT/AFP via Getty Images)
Blockchain and cryptocurrency Binance founder and CEO Chinese-born Canadian Changpeng Zhao, also known as CZ, poses during an interview at the technology startups and innovation fair in Paris on May 16, 2022.
Binance and the Chamber of Digital Commerce are now partners in their quest to help create a "regulatory framework" for cryptocurrency in the future. The companies announced this in a recent press release, centering on its joint efforts to soon deliver a structure that would help the industry towards a more stable operation.
While it borders on security and stability, crypto frameworks only mean one thing, and they will see regulation from certain agencies and abide by laws.
Binance's VP of Public Affairs Joanne Kubba said "Such work is fundamental to our shared mission of fostering the sustainable development of sensible regulations for cryptocurrency and blockchain, which ultimately ensures protections for users."
Read Also: Mazars Group Halts Work With Binance, Other Crypto Clients
Is it Taking a Page out of FTX's Actions in its Past Operations?
According to Gizmodo, this move is similar to what the FTX wanted to push through in its past operations, back when the company was thriving and wants a more regulated experience with digital assets.
However, Binance said before that it is not going the same route as FTX did before, one that led to its ultimate demise.
Binance and its Ventures in the Present
After FTX's demise, Binance is now one of the companies that thrive in the cryptocurrency market as its operations are still ongoing, giving the public a platform for their transactions to help with their needs.
One of its recent moves is to deliver a "Proof of Reserves" for all crypto users, centering on Bitcoin in the present that assures people that they will get their money back.
Binance is a massive company even before FTX's bankruptcy issues, but for some time now, the crypto-exchange platform is assuring the public that it will not go down the same route as the failed company.
Additionally, the global exchange platform is also one to bid on Voyager Digital's crypto assets, following its failed FTX deal that once asked Binance to purchase the company. In this case, Binance won the deal for the Voyager bid, growing its company once again, but not necessarily acquiring the company and its entirety.
These moves only show how powerful and solid Binance is in the cryptocurrency industry, but it is still not a guarantee regarding its stay in the market, in this age of crypto volatility and unstable assets.
Still, this is a massive move from Binance, especially as the push towards cryptocurrency regulation is something that splits the public on two sides.
Related Article: Binance.US to Acquire Voyager's Crypto Assets for $1 Billion After Failed FTX Bid
