Crypto

Crypto Market Integrity Coalition Inducts 8 New Members, Plans Training

The Crypto Market Integrity Coalition (CMIC) has announced the induction of eight new members, the organization announcement September 29. The organization, which now has 38 members who are all committed to maintaining market integrity and efficiency, describes itself as follows:

“CMIC […] gives a unified voice to the crypto industry’s commitment to continually improving market integrity and collaboration with regulators.

According to its statement, CMIC is also developing market integrity training for digital asset markets to help compliance professionals counter manipulation.

New members of CMIC are digital asset trust and security company BitGo, crypto exchange Bittrex, blockchain analytics platform Crystal Blockchain, fintech companies FinClusive and Oasis Pro Markets, blockchain platform Web3 risk mitigation form Merkle Science, digital asset platform Tokenomy and forensic services provider VAF Compliance.

CMIC is the brainchild of market monitoring company Solidus Labs. Solidus co-founder and CEO Asaf Meir said, “Now more than ever, it is clear that the potential of crypto depends on the ability to mitigate its new risks and provide demonstrable market integrity.”

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The organization was founded in February with 17 members which included names such as Coinbase, Circle, Huobi Tech and CryptoUK. A second cohort of 13 members joined CMIC in April.

Solidus Labs COO Chen Arad told Cointelegraph, “CMIC does not define itself as a budding self-regulatory organization and instead works closely with, and counts among its signatories, some of the major industry member associations like cryptoUK, the Chamber of Digital Commerce. and the Global Blockchain Business Council.

CMIC’s commitment reads, in part:

“We support and seek to participate in digital asset markets that demonstrate market integrity. […] Digital assets and the structure of the digital asset market may present new forms of market activity and manipulation. We agree to continually educate ourselves on these unique challenges and how to address them.