(Reuters) Major cryptocurrency firms led by Coinbase, Circle, Huobi Capital, and BitMex have come together for a new group, dubbed Crypto Market Integrity Coalition.
The group, aimed at eradicating market manipulation, seeks to instill trust in the fraud vulnerable digital assets sector.
The coalition was convened by risk monitor Solidus Labs and urges crypto firms to sign a pledge of commitment to market integrity in the crypto space to protect investors.
The alliance responds to calls by regulators for increased security in the crypto market, with the US Securities and Exchange Commission warning of market manipulation in its rejection of spot Bitcoin ETFs.
The Bank for International Settlements has also poked holes in the crypto sector, citing limited safeguards and susceptibility to money laundering for digital assets. The bank has since called for more regulatory safeguards.
The new coalition, which also includes Anchorage Capital, CrossTower, CryptoUK, and others, is now expected to harmonize standards for financial integrity in the cryptocurrency sector.
BTCUSD is currently up +1.16%, ETHUSD is up +1.27%.
