More than a dozen major crypto-related companies, including Coinbase, Circle and Anchorage, have created a coalition to fight market manipulation.
The objective of the initiative is to build public and regulatory confidence in the growing digital asset industry.
The Crypto Market Integrity Coalition (CMIC) project has been initiated by Solidus Labs, a company specializing in identifying abuses in the cryptocurrency market.
The group has called on all industry players “committed to promoting market integrity” to join the initiative by signing the relevant convention. The obligations of the coalition members include raising market integrity standards, risk monitoring and consumer protection and compliance among others.
The CMIC Convention defines the main forms of manipulation and types of unfair trading behavior. Participants commit to avoid them in order to ensure “safe and fair conditions” of trading.