Binance.US, the US arm of the world’s largest cryptocurrency exchange, has confirmed that it is no longer part of the Blockchain Association, “the unified voice of the blockchain and cryptocurrency industry.” . A spokesperson for the exchange spoke to Protocol and revealed the company’s exit from the Association.
Why did Binance.US leave the Blockchain Association?
Binance.US left the Association to form its own government affairs team in Washington, dealing a serious blow to the blockchain industry’s leading lobbying organization.
“We believe it’s time we had a clear voice with meaningful impact in the emerging policy debates about digital assets and cryptocurrencies in Washington,” a company spokesperson told Protocol.
Binance.US aims “to actively engage in direct and constructive dialogue with US policymakers” with the establishment of the new government affairs team in Washington. On the other hand, the Association said that it “wishes Binance.US well as they expand their operations in Washington.”
About two years ago, Binance.US’ biggest rival and the largest crypto exchange in the United States, Coinbase, also left the Association when it allowed it. Binance.US will join.
“The digital asset space is not a unique environment from a policy and regulatory perspective,” Michael Fasanello, chief compliance officer of LVL, a crypto trading firm, told Protocol. “Different businesses will have different wants and needs. These are unlikely to be the only two defections from the Blockchain Association.
Binance.US continues to expand
Binance.US leaving the Blockchain Association and forming a separate lobbying organization may not be the only thing the company is considering. Recently, Kripteu Magazine reported that the Office of the Commissioner of Financial Institutions of Puerto Rico gave a money transfer license to Binance. WE. Company CEO Brian Shroder believes that expanding into Puerto Rico, with its crypto-friendly tax policies, will benefit the exchange.