Crypto Exchange Huobi Joins Global Digital Finance To Develop Crypto Standards

News | August 1, 2019 By:

Crypto exchange Huobi has joined Global Digital Finance (GDF) to develop best practices and standards within the digital assets community.

GDF is an industry membership body that promotes the adoption of best practices for crypto and digital assets and digital finance technologies, through the development of conduct standards, in a shared engagement forum with market participants, policymakers and regulators. The organization promotes an inclusive vision in which crypto assets and token markets can evolve and grow in complement within traditional financial services.

In a press release, Huobi announced that it will now be part of GDF’s Patron Board and Advisory Council, alongside other crypto leaders such as Circle, Coinbase, ConsenSys, DLA Piper, Diginex, Hogan Lovells, and R3.

“As a Patron Member of Global Digital Finance, Huobi is honored and delighted to work with top institutions all over the world,” said Chris Lee, CFO of Huobi. “Through our efforts, we have infinite faith in promoting the development of this industry while addressing major issues surrounding market integrity, compliance, practice standards and business models. Huobi believes blockchain technology could benefit our society, and we will continue to devote ourselves to this case.”

In addition to serving as a GDF Patron Member, Huobi will also co-chair the organization’s Market Integrity Working Group, where it will help address issues like wash trading, market manipulation, and other abusive practices.

“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,” said Teana Baker-Taylor, GDF’s Executive Director. “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 a GDF Patron Member, Huobi said that it will be adopting the GDF Code of Conduct, including Part I: Introduction and Overarching Principles and Part III: Principles for Token Trading Platforms.

“We are delighted to join Global Digital Finance and this community-led global effort to set standards to promote client privacy and security, promote balanced regulatory policies and compliance, and promote responsible conduct in regards to lending, leveraging, and making promises to investors,” said. Elaine Sun, Chief Compliance Officer of Huobi.