Binance.UK, which is set to launch in the coming months, has joined self-regulatory trade association CryptoUK as an executive member.
CryptoUK was launched in 2018 and counts Coinbase, Ripple and CoinShares, among others, as its founding members. The trade association said it is currently focused on responding to HM Treasury's current public consultation on cryptoasset promotions and contributing to the U.K.'s Cryptoasset Task Force's consultation on stablecoins, expected later this year.
All the founding members joined CryptoUK in 2018, a spokesperson of the association told The Block. Binance.UK, which joined the group today, is set to soon launch a crypto trading platform in the country. A Binance spokesperson recently told The Block that Binance acquired EddieUK (now Binance Markets Limited), which is a regulated entity by the U.K.'s Financial Conduct Authority.
Notably, earlier this month, Coinbase exited blockchain advocacy group the Blockchain Association following the entry of Binance.US. At the time, a Coinbase spokesperson told The Block that "decisions made now have the potential to irreparably impair the credibility of the association and make it increasingly difficult for it to achieve its goals and those of its members."