A plethora of con artists and criminals have taken advantage of the cryptocurrency sector. We have previously reported about instances where criminals were able to defraud millions out of investors.

Some cryptocurrency influencers are meeting to figure out how to keep these bad actors out of the market, according to Bloomberg. The meeting involved a loose association of crypto firms called Crypto OTC Roundtable Asia, or CORA. The gathering took place in Chicago, and featured traders from all around the world.

Some of the most well-known cryptocurrency-related companies in the world are considering creating a “blacklist” of individuals who participate in “nefarious activity” or “renege on trades.” These companies include Ripple, the DRW Holdings Cumberland crypto unit, and Galaxy Digital Holdings, founded by Mike Novogratz, an ex-billionaire who used to run a hedge fund called Fortress Investment Group. There were also traders from over 35 firms at the meeting.

Others suggested that instead of creating a blacklist, that an association of firms in good standing. This would possibly involve creating a comprehensive list of entities that are involved or have ties to organizations that launder money or traffic drugs. Another idea was to set new standards for identity verification.

The urge to weed out bad actors is even more necessary with news that Binance, the world’s largest cryptocurrency exchange, was hacked on May 7. Over 7000 Bitcoin Core (BTC) was involved, amounting to approximately $40 million being stolen. The CEO of Binance, Changpeng Zhao, addressed the concerns in a live Ask Me Anything (AMA) the next day.

One trader pointed out that the blacklist was great in theory, but that it would be tough to enforce. Vishal Shah, a trader at Cipher Technologies Management LP, stated:

“The definition of a bad actor is elusive… making a standardized implementation of a blacklist tough. There is also the question of legality, and on the cover, it looks more sinister than its intent.”

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.