Insiders: Binance is organizing a crypto alliance to promote regulatory cooperation and combat bad actors in the industry.

According to sources familiar with the matter, Binance is reportedly organizing a consortium of cryptocurrency companies through CoinDesk, aiming to rebuild trust in the crypto industry and hoping to play a proactive role in upcoming regulations.

CoinDesk sources familiar with the matter said that Binance is organizing a consortium of crypto companies in an effort to rebuild trust in the industry and hopes to play a proactive role in upcoming regulations.

The initial goal is to collaborate with global regulatory bodies while showcasing the advanced tools the crypto industry has in combating criminal activities. They plan to establish a self-regulatory mechanism to detect flaws and misconduct within the crypto industry early on to prevent further issues.

The sources mentioned that many crypto institutions have signed up to join the consortium, including project parties, exchanges, blockchain analysis firms, among others, but did not disclose any specific names and cited the SBF incident as a primary motivation for forming the alliance.

They stated that the consortium will not be operated or led by Binance and will strive to collaborate with various projects in a decentralized manner to ensure alignment with the community.

Binance declined to comment.