European crypto trading firm Currency.com has become an executive member of CryptoUK, a crypto trade association in the U.K., the firm said in a press release on 22 July.
According to the announcement, Currency.com has become CryptoUK’s 10th executive member, with the others being Crypto.com, CryptoCompare, BCB Group, Electroneum, eToro, Ripple, Simmons & Simmons, and Binance.UK. The group has the responsibility of leading the association’s strategic direction, as well as work with U.K. policy makers to develop a regulatory framework for crypto in the country. The head of strategy at Currency.com, Vitaliy Kedyk, said in a statement:
“As demand for cryptocurrency picks up, regulation and best practices must continue to keep up with changes in the industry. To foster greater dialogue, collaboration and knowledge-sharing between the burgeoning crypto sector and regulators, we have joined CryptoUK as an Executive Member.”
Kedyk further said that institutional adoption of crypto has grown in recent months — with Currency.com having reportedly increased its client base by 374% in 2020 — suggesting that the “sector is on the cusp of turning mainstream”. Founded in 2019, Currency.com claims to be the first exchange to enable its clients to invest and trade tokenized financial instruments through payments made in crypto.
Formed in 2018, CryptoUK has the goal of supporting regulatory framework development for crypto so the U.K. can become “the heart of fintech capabilities and talent”. The association currently has more than 50 members, with BCB Group and Outlier Ventures joining CryptoUK this week as well.
Binance.UK joined CryptoUK as an executive member back in August 2020, but that did not stop the Financial Conduct Authority from ordering the exchange to cease all regulated activities back in June. Banks in the U.K. have since banned payments to Binance, citing the regulator’s order.