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Major crypto exchange Binance joins European blockchain industry group

Published 09/03/2020, 05:03 AM
Updated 09/03/2020, 06:30 AM
© Reuters. The logo of Binance is seen on their exhibition stand at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in Ta' Qali

LONDON (Reuters) - Major cryptocurrency exchange Binance said on Thursday it was joining a European blockchain industry group, a move that comes as policymakers look at how to oversee the emerging digital ledger technology.

In a statement, Binance said it would join Blockchain for Europe, a Brussels-based association whose members include major U.S. blockchain payments firm Ripple. Blockchain for Europe advocates for "balanced policy and regulatory governance" for the distributed ledger technology, Binance said.

The European Union is looking at creating a set of rules for cryptocurrencies such as bitcoin, and related technologies such as blockchain-based digital contracts.

At present, the EU has no specific regulations on cryptocurrencies. Until Facebook (NASDAQ:FB) unveiled plans for the Libra digital currency last year, digital coins had been seen as a marginal issue in Brussels because only a fraction are converted into euros.

Binance has also recently also joined cryptocurrency and fintech associations in Britain and Australia. According to industry site CryptoCompare, Binance in July saw the largest trading volume among major exchanges, at $68.4 billion.

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