Huobi Technology Holdings Limited (“Huobi Tech” or the “Company”, stock code: 1611.HK) is pleased to announce the launch of the Crypto Market Integrity Coalition (“CMIC”), an industry-defining collaboration of industry players focused on combating market abuse and manipulation to support the cultivation of a fair digital asset marketplace, jointly with other leading crypto firms like Coinbase. The coalition will also prioritize the building of public and regulatory confidence in virtual asset classes. Huobi Tech is one of the founding coalition members, and the only Asian one.
The coalition, which introduces a pledge of commitment to safer markets and working with regulators, is co-founded by 17 leading virtual asset institutions, including Coinbase, Solidus Labs, CryptoCompare, Global Digital Finance and The Chamber of Digital Commerce.
The group is currently inviting all industry members committed to advancing market integrity to join the coalition. Through the pledge, the coalition seeks to send an unequivocal message at this critical juncture in the evolution of digital assets: The virtual asset industry has made enormous strides to improve market integrity in the past few years and virtual asset firms are keenly aware of the concerns that still need to be addressed. They are committed to engaging with regulators to advance solutions to virtual-assets’ unique challenges.
“Compliant growth is our topmost priority, and we believe that the development of compliance in the virtual assets industry will not only be driven by regulatory agencies, but also be shaped by the internal demands of the leading industry players,” says Simon Wu, CEO and Executive Director of Huobi Tech. “This confluence of regulatory and industrial commitment will promote the adoption of higher security and compliance standards in the virtual asset industry.”
The market integrity pledge introduced by the coalition is focused on a commitment to continuously strive towards higher standards of market integrity, risk monitoring, consumer protection and compliance, in order to maintain fair and orderly digital asset markets and prevent market abuse. CMIC will continue to engage with more leaders in the digital asset community to encourage more firms to take the pledge and demonstrate commitment to market integrity.
“Faced with enormous opportunities introduced by the rise of virtual assets, Huobi Tech hopes to fulfill the role of a bridge between the traditional financial services world and the virtual asset industry,” says Simon Wu, CEO and Executive Director of Huobi Tech. “As the only Asian founding member in the Coalition, we will support the development of the coalition worldwide, and especially in Asia, including advancing training programs, sharing insights and research, engaging in dialogue with regulators and promoting data-sharing and shared-surveillance frameworks.”
Huobi Tech will promote the establishment of a compliant and transparent market and high standards through our own endeavors, and assist in addressing virtual asset and decentralized finance’s unique cross-market supervision challenges, so as to build a gateway between traditional financial services and the world of virtual assets.