Binance, the largest cryptocurrency exchange in the world by trading volume, is stepping up its regulatory efforts in the United States. On the 20th of December, in a blog post, Binance announced that it had joined the US Chamber of Digital Commerce, a lobbying group in America, to help establish policies that protect and benefit users.
Regarding this move to join the group’s Executive Committee, Binance said that it would work to educate, advocate, and bring forth solutions to support and shape crypto regulation in the United States. The Chamber of Digital Commerce is considered to be the largest such association in the world that engages government officials on the usage of digital assets and blockchain-based technologies.
Last year, Binance.US, the crypto exchange’s American subsidiary, joined the group. The are several others from the crypto industry and other industries that joined the group, including Citi, Visa, Mastercard, Dapper Labs, Ripple, and Circle. Regarding joining this group, Joanne Kubba, the VP of Public Affairs at Binance, said that as an organization at the crux of the industry’s rapid growth and complex regulatory climate, working hand in glove with policymakers, regulatory bodies, and industry groups like the Chamber of Digital Commerce is imperative for Binance.
This latest move from Binance came after the US lawmakers scrambled to try and figure out how to regulate the crypto space. Since the collapse and bankruptcy filings of FTX, which was once the biggest crypto exchange in the world and now is nothing, the regulators worldwide have turned their attention toward the crypto industry.
Since its collapse, several US regulators, such as CFTC, DOJ, and SEC, have been investigating several crypto firms, including FTX. These regulators have also made their policies strict over the crypto industry.