Binance is taking the lead in bringing together a group of crypto companies with the aim of improving the reputation of the crypto industry and influencing regulatory efforts.

The consortium, which will include various crypto-related entities, will operate in a decentralized manner to align with the community and work with regulators worldwide.

The formation of the consortium is a response to the increasing regulation and recent losses in the industry, and is aimed at addressing issues such as consolidation of power and promoting self-regulation.

Additionally, the consortium will provide a mechanism to address shortcomings and bad behavior in the industry and help maintain its credibility. Binance declined to comment on the matter.