Cryptocurrency exchange Huobi is joining major industry heavyweights including Coinbase, Circle and ConsenSys in partnering with Global Digital Finance (GDF), a collaborative body of crypto and blockchain companies, to develop “best practises and standards” across the cryptocurrency industry.
According to a press release issued today, the Singapore-based exchange will co-chair the Market Integrity Working Group, which will seek to overcome challenges including wash trading and market manipulation—two practices which are rife throughout the industry, according to a report published earlier this year.
“Integrity and credibility of crypto markets are currently major hurdles for mainstream and institutional adoption of digital assets, as well as a key concern for regulators,” said Teana Baker-Taylor, GDF’s Executive Director. “The goal of GDF’s Market Integrity Working Group is to devise a set of pragmatic, implementable guidelines that, if adopted by digital asset service providers, will promote a fair, ethical and transparent industry.”
Members must abide by Global Digital Finance’s “Code of Conduct,” which advises members, among other things, to enforce rigorous know-your-customer and anti-money-laundering checks.
Global Digital Finance bills itself as “an industry membership body,” and enforces best practises through its code of conduct, adherence to which allows members to influence the group’s standards.
It’s not clear how much—if anything—participants paid to join this enterprise. We have reached out to participants and will update with any response.