A coalition of financial services firms, including Coinbase and Circle, have signed a pledge to combat digital asset market manipulation.

The new group said its pledge focused on “cultivating a fair digital asset marketplace to combat market abuse and manipulation and promote public and regulatory confidence in the new asset class”.

The group acknowledged that the “crypto industry has made enormous strides to improve market integrity in the past few years” but said that firms are “keenly aware of the concerns that still need to be addressed and are committed to engaging with regulators to advance solutions to crypto’s unique challenges”.

The coalition included over 17 organisations, such as CryptoUK, The Chamber of Digital Commerce, and CryptoCompare and was initiated by cryptocurrency risk management firm Solidus Labs.

The news comes as cryptocurrency continues to attract attention from regulators in the UK.

The Crypto Market Integrity Coalition is currently inviting industry members committed to advancing market integrity to join it.

In January, a cross-party group of MPs and Lords in UK Parliament formed a new group focused on the UK’s cryptocurrency and digital assets sector.

“The public and regulators have made their concerns clear, and the pledge’s initial goal is to bring unity and action at an industry level, across CeFi, DeFi and all digital assets,” said Asaf Meir, co-founder and chief executive at Solidus Labs. “Crypto is in a very different place than it was three or four years ago - there are crypto firms today with more robust and technologically advanced risk and compliance programs than traditional institutions.”

He added: “We want to convey that to the public, as well as our deep commitment to addressing current and future challenges - as new forms of risk and manipulation continue to arise and evolve.״

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