Key Points:

  • Binance has recently joined the Chamber of Digital Commerce

  • Help to promote and influence the creation of a regulatory framework for cryptocurrencies.

Binance, the largest cryptocurrency exchange in the world, is increasing its interaction with authorities by joining the executive committee of the Chamber of Digital Commerce, a U.S. lobby group for the blockchain business.

According to a release, Binance will collaborate with researchers and have discussions with lawmakers and authorities to shape crypto legislation. The crypto behemoth now joins the ranks of Visa and Deloitte as well as blockchain companies like Circle and OKCoin. Binance US, the exchange’s U.S. branch, has been a voting member of the exchange’s executive committee since 2020.

After a history of run-ins with financial regulators, Binance has been working hard over the past year to strengthen its regulatory capacity, and this development is a major step in the right direction.

“As an organization at the crux of the industry’s rapid growth and complex regulatory environment, working hand in glove with policymakers, regulatory bodies, and industry groups like the Chamber are imperative to our mutual mission of fostering the sustainable development of sensible regulations for cryptocurrency and blockchain which ensures protections for users.”

Vice President of Public Affairs Joanne Kubba of Binance said in a statement.

According to Blain Rethmeier, the vice president of public affairs at the Chamber of Digital Commerce, the newest member “has established itself as a leader in this burgeoning ecosystem.” Binance’s internal influence on the cryptocurrency sector is likewise expanding rapidly. To help mitigate the fallout from the demise of FTX, the corporation has set aside $1 billion as part of a “industry recovery plan” fund to invest in cryptocurrency companies.

Significant outflows were recorded last week, adding to concerns about the exchange’s finances. Another aspect of Binance that Reuters looked at this week was the exchange’s opaque financials.

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