Crypto firms launch coalition to promote market integrity

FILE PHOTO: People pass their time at a cafe which has dozens of screens showing the latest trends and prices on various cryptocurrencies for their crypto investors' customers in Nakhon Ratchasima, Thailand January 21, 2022. Picture taken January 21, 2022. REUTERS/Soe Zeya Tun/File Photo

(Reuters) -A group of major cryptocurrency firms including Coinbase, Circle, Anchorage Digital and Huobi Global are forming a new coalition aimed at cracking down on market manipulation in an effort to instill trust in the burgeoning digital asset industry.

The Crypto Market Integrity Coalition, which was convened by risk-monitoring software company Solidus Labs, is also urging digital currency companies to sign a “market integrity” pledge that acknowledges the potential for fraud in the cryptocurrency space and the need for the industry to protect investors.