‘Justice League’ for crypto space forming as top exchanges join Winklevoss twins to prevent frauds

Bitstamp, BitFlyer USA, and Bittrex are a few players who came on board with Gemini exchange. The representatives of the four firms would meet in …
‘Justice League’ for crypto space forming as top exchanges join Winklevoss twins to prevent frauds 21261

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Aug 20, 2018 at 8:00 PM

Cameron Winklevoss and Tyler Winklevoss created the Virtual Commodity Association in an effort to bring transparency and contain fraudulent activities in the crypto space.

Now, many of the biggest cryptocurrency trading firms have joined hands with the Gemini Trust co-founders in their initiative to make the $214 billion cryptocurrency industry a cleaner place, Bloomberg reported citing a statement release.

See also: $87 million cryptocurrency theft in China: Highly-skilled hacker trio arrested

Bitstamp, BitFlyer USA, and Bittrex are a few players who came on board with Gemini exchange. The representatives of the four firms would meet in September to discuss establishing a self-regulatory body.

The Virtual Commodity Association set up by Winklevoss twins aims to prevent fraudulent activities and manipulation in markets for crypto assets such as Bitcoin and Ether. It strives to push transparency and set industry standards and work with regulators including US Commodities Futures Trading Commission (CFTC).

Maria Filipakis is group’s interim executive director

Maria Filipakis is chosen as the group’s interim executive director. She earlier was employed with New York Department of Financial Services. Maria also helped found New York’s cryptocurrency permit called BitLicence.

See also: Crypto bizman loses $2.3 million as trickster exchanges fake euros for Bitcoins

Many regulators including CFTC, US Securities and Exchange Commission among others depend on self-regulatory bodies to monitor crypto trading, Bloomberg writes.

Image via Shutterstock

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