Huobi allies with Coinbase, ConsenSys, Circle to combat crypto bad practices

Thursday 1 August 2019 11:12 CET | News

Huobi has planned to join Coinbase, Circle, and ConsenSys, partnering with Global Digital Finance (GDF), to develop best practises and standards across the crypto industry.

The Singapore-based exchange will co-chair the Market Integrity Working Group, whose aim is to overcome challenges, such as wash trading and market manipulation. The goal of GDF’s Market Integrity Working Group is to devise a set of pragmatic guidelines that, if adopted by digital asset service providers, will promote a transparent industry.

Moreover, members must abide by Global Digital Finance’s ‘Code of Conduct,’ which advises members to enforce rigorous KYC and AML checks. Global Digital Finance enforces best practises through its code of conduct, adherence to which allows members to influence the group’s standards.

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Keywords: Huobi, partnership, Coinbase, ConsenSys, Circle, bad practices, Global Digital Finance, cryptocurrency, digital assets, exchange, KYC, AML, trading
Countries: World