The American subsidiary of the world’s largest trading crypto exchange, Binance.US, is quitting the well-known crypto lobbying group Blockchain Association after less than two years. Reports also suggest plans to form its in-house lobbying operation.
The decision to exit reportedly comes due to differences in “values, goals and standards,” according to a person familiar with the matter.
The person revealed that Binance.US had made a major investment last year in the Blockchain Association. In a bid to grow Binance US’ part within the group, the firm’s executives recently negotiated with Blockchain Association officials regarding the same.
However, after multiple conversations, the firm came upon the realization that their values, goals and standards were not fully aligned with the group.
Consequently, the resources would now be redirected to goals lining up with the firm’s policy agenda in Washington and state capitals across the country.
The Association’s spokesperson, Curtis Kincaid, commented, “The Blockchain Association wishes Binance.US the best of luck as they build out their operation in Washington.”
He further said that presently, the association has a membership of more than 80 of the American crypto bigwigs, investors, exchanges, infrastructure companies, and projects.”
It was around August 2020 when Binance.US entered the lobby group. Competitor crypto exchange Coinbase (COIN) soon resigned from the Blockchain Association, calling board decisions being “at odds with the association’s mission”, stopping short of citing Binance.US as the reason.
Whereas Binance.US was recently in news for successfully raising more than $200 million and reaching a valuation of $4.5 billion, the first external funding since its commencement about two years ago.
