Crypto exchange Huobi on Wednesday announced that it has joined the Global Digital Finance (GDF) as a patron member.
As a patron member, the Singapore-headquartered exchange will support the organization in the development of the global strategy. The exchange will also be responsible for growing the community membership of firms which are willing to adhere to the standards of the GDF.
The exchange is also a co-chair of the GDF market integrity working group and will develop principles and guidelines to prevent market manipulation.
“As a Patron Member of Global Digital Finance, Huobi is honored and delighted to work with top institutions all over the world,” Chris Lee, the chief financial officer of Huobi and also its delegate at the GDF, said.
“Through our efforts, We have infinite faith in promoting the development of this industry while addressing major issues surrounding market integrity, compliance, practice standards, and business model. Huobi believes blockchain technology could benefit all mankind, and we will continue to devote ourselves to this case.”
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As a patron member, Huobi has joined the ranks of other crypto companies including Circle, Coinbase, ConsenSys, DLA Piper, Diginex, Hogan Lovells, and R3.
“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,” Teana Baker-Taylor, executive director of the GDF, added. “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.”
GDF is a London-based industry membership body which sets a comprehensive code of conduct and overarching principles in regards to token sales, token platforms, funds, and fund managers. The organization also rates websites of its members, so that their compliance with certain standards can be assured.
Earlier this month, Cardano joined GDF to contribute in shaping governance and standardization of crypto policies.
“Over the past 18 months, GDF has gained credibility with regulators and policymakers through the quality work of the Codes of Conduct, working papers, and responses to policymaker consultations, all of which are all developed through GDF’s open global community collaboration with crypto and digital assets firms and traditional finance professionals,” Lawrence Wintermeyer, co-chair of the GDF board of directors, said.