Consortium refers to a group of companies who are working closely together for a particular purpose. The consortium consisting of Cryptocurrency Companies is being organized by Binance in the process of trying to rebuild trust in Crypto.

The goal of Binance forming the consortium of crypto companies is to rebuild trust in the cryptocurrency industry. Eventually, the consortium of crypto companies will take part in forth coming crypto regulations. Several cryptocurrency companies have signed up for the consortium ranging from individual projects, exchanges, and blockchain analytic firms. The name of the participating companies in the consortium is not yet out.  The consortium reportedly will not be run by Binance.

The consortium of crypto companies “will be run in as decentralized manner as you possibly can amongst many different projects to ensure an alignment with the community.”

As a group the consortium will be working with regulators from across the world in a way to establish how advanced the industry is and about their capabilities of combating criminal elements. The focus of creating this group is also to ensure that there is a mechanism in place to address the short comings and wrong behaviour in the industry.

CZ Binance pointed out to the FATF report: “The Financial Action Task Force recently published their annual report. Binance shares their view that strong standards are critical to the future of this industry, especially on pressing issues like money laundering and financial crime.

Further exploration was made on how technology can play a key role in detecting suspicious financial activities, including money laundering. This detection is essential to creating and maintaining a safe ecosystem of money. Transparent blockchains are great tools too.

Binance is also pleased to see FATF using the report to shine a light on their developing online courses, used to train people in the fields of virtual assets and VASPs. Education is the key.

We also appreciated reading about FATF’s participation at G20 summits, and their emphasis on implementation. Global standards provide clarity and consistency – key factors of effective regulation, but they can only be helpful if implemented across the board.”

Thus, probably, when the crypto consortium if formed, there will be a unified entity that can voice out their opinions to help advance the cryptocurrency sector, regularising it and eventually regaining trust back from cryptocurrency investors. We might see significantly strong standards and regulations in the cryptocurrency industry soon and this consortium will become the unified voice of the cryptocurrency space.