Cryptocurrency exchange Huobi announced that it partnered with industry membership body Global Digital Finance (GDF) to develop crypto standards in a press release shared with Cointelegraph on July 31.
Per the release, the exchange has joined major crypto companies Circle, Coinbase, ConsenSys, DLA Piper, Diginex, Hogan Lovells and R3 on the organization’s Patron Board and Advisory Council. The patron board reportedly supports GDF in the development of its global strategy and acquiring new partners.
Furthermore, the author of the release claims that now co-chairs GDF’s Market Integrity Working Group and will try to address wash trading, market manipulation, and other abusive practices in the cryptocurrency industry. Josh Goodbody, Head of Europe & the Americas, Huobi Global Sales and Institutional Business, commented on the development:
“Maintaining the public’s trust that markets are fair and transparent is crucially important if we want our industry to grow.”
GDF’s Executive Director Teana Baker-Taylor is also quoted in the release stating that “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.” She went on to describe the broader purpose of the institution:
“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.”
As Cointelegraph reported earlier this month, Huobi’s Thailand-based subsidiary has sealed the country’s fifth official license to operate a fully-regulated digital asset exchange.