Binance joins US crypto lobby group’s digital chamber of commerce

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Binance is stepping up its regulatory efforts in the United States. Today, the world’s largest cryptocurrency exchange by trading volume announced that it has joined the Chamber of Digital Commerce, a US advocacy group, to “help establish policies that benefit and protect users.” “.

By joining the group’s executive committee, Binance said it will strive to educate, advocate, and provide solutions to help shape U.S. crypto regulation.

The Chamber of Digital Commerce claims to be the largest such association in the world and engages government officials on the use of digital assets and blockchain-based technologies.

#Binance joins @DigitalChamber, the leading blockchain and crypto trade association.

We will work closely with the Chamber of Digital Commerce on research, roundtables, working groups and discussions with regulators to help establish policies that benefit and protect users.

Binance (@binance) December 20, 2022

Binances’ US entity, Binance.US, joined the group last year. Other prominent members include traditional financial firms such as Citi, Visa, and MasterCard, as well as crypto industry players such as Dapper Labs, Ripple, and Circle.

As an organization at the heart of the industry’s rapid growth and complex regulatory environment, working hand-in-hand with policymakers, regulators, and industry groups like the Chamber is imperative for Binance, said said the company’s vice president of public affairs, Joanne Kubba, in a statement.

Binances’ move comes as U.S. lawmakers scramble to figure out how to regulate the crypto space. The monumental collapse of digital asset exchange FTX in November was a wake-up call for politicians after the firm’s clients, many from the United States, potentially lost billions of dollars in cash. crypto assets in the crash.

US authorities are currently considering filing criminal charges against Binance, including CEO and founder Changpeng CZ ZhaoReuters reported earlier this month. The potential charges relate to an investigation launched in 2018, which focused on Binances’ compliance with anti-money laundering laws and sanctions.

Binance also played a key role in FTX’s collapse: CZ announced that it would sell the exchange holdings of FTX’s native token, FTT, a move that sparked a liquidity crunch. He then said that Binance signed a non-binding letter of intent to acquire FTX to help customers, but pulled out the next day after seeing the extent of FTX’s problems.

A few days later, FTX filed for bankruptcy, trashing the entire crypto market, including several companies exposed to the giant. This type of contagion has defined the year in cryptocurrency, starting with the collapse of Terras in May.

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