Crypto Market Integrity Coalition recruits 8 new members, plans training

by · September 29, 2022

The Crypto Market Integrity Coalition (CMIC) announced the induction of eight new members, the organization announced on September 29. The organization now has 38 members.

CMIC members take a pledge to uphold market integrity and efficiency as the organization states:

“gives a unified voice to the crypto industry’s commitment to continuously improve market integrity and cooperation with regulators.”

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

The new CMIC members are digital asset trust and security company BitGo, crypto exchange Bittrex, blockchain analytics platform Crystal Blockchain, fintechs FinClusive and Oasis Pro Markets, Web3 risk mitigation platform Merkle Science, digital assets platform Tokenomy and forensic services provider VAF Compliance.

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

Related: BitGo Sues Galaxy Digital for Acquisition Breach, Seeks $100 Million in Damages

It was founded in February with 17 members that included names like Coinbase, Circle, Huobi Tech and CryptoUK. A second cohort of 13 members joined CMIC in April.

CMIC is one of a number of self-regulatory organizations (SROs) that have emerged without authority delegated by regulators. CMIC member CryptoUK was the first such SRO, founded in 2018, with similar organizations emerging in Japan and South Korea later that year. The Japan Blockchain Association had 127 members as of June 2022.

The CMIC pledge reads in part:

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