Leading industry bosses who regularly trade Bitcoin and other cryptocurrency have met in Boston to discuss the creation of a blacklist of counterparties known as bad actors in cryptocurrency trading, according to a report by Bloomberg.

The likes of DRW Holdings Inc’s Cumberland crypto unit, Mike Novogratz’s Galaxy Digital Holdings and Ripple met yesterday to discuss this, and also proposed an alternative of establishing an accreditation of firms in good standing, as deemed by an informal group of crypto businesses known as the Crypto OTC Roundtable Asia, or CORA.

The move comes after several high-profile scams and hacks over the past few years, most recently the hack of exchange giant Binance, resulting in the loss of USD 40 million worth of Bitcoin. Darius Sit, managing partner at Singapore-based crypto trading firm QCP Capital, reflected:

“A community-wide effort to improve compliance standards would prevent liabilities that might stem from trading with bad actors or dealers that trade with bad actors. A self-governance initiative like this is also something that regulators are keen to see.”

Other ideas included a common standard to help with the verification of customer identities and identify the source of funds, as well as giving CORA the role of information dissemination, to help alert on counterparties found to have defaulted on derivatives trades.


Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay
    Load More Related Articles
    Load More By Saloma
    Load More In NEWS
    Comments are closed.

    Check Also

    Bitcoin Looks for Solid Ground Above $10,000

    The longest losing streak for Bitcoin since December 2018 may have been broken yesterday t…