Binance.US Exits Blockchain Association To Set Up In-house Lobbying -Breaking
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© Reuters Binance.US Exits Blockchain Association To Set Up In-house Lobbying- Binance.US leaves the Blockchain Association and creates its own influence lobby
- Exchange lobbying aims to establish a direct, constructive dialog with U.S. policymakers.
- After Binance.US accepted Coinbase.US, Coinbase (NASDAQ 🙂 left the Blockchain Association in 2020.
According to media reports, Binance.US will be leaving Blockchain Association’s lobby organization and establishing its own Washington government affairs team. In fact, the withdrawal of the U.S. arm of the world’s biggest crypto exchange seemed to be a serious blow to the key lobbying organization industry.
Binance spokesmen said that:
We believe it’s time we had a clear voice with meaningful impact in the emerging policy debates around digital assets and cryptocurrencies in Washington.
Binance.US also has its own lobbying unit to have direct, constructive dialog with U.S policymakers.
On April 11, Changpeng Zhao tweeted his dismay after finding out that Binance wasn’t on the list of crypto-focused businesses that lobbied the most in 2021. Coinbase appears to be at the top.
Damn, looks like we need to do our share…
Source: https://t.co/zjOVFOaT98. pic.twitter.com/eqGiUbs2hx
— CZ Binance (@cz_binance) April 11, 2022
This development appears to be related to Binance’s abrupt withdrawal.
The Blockchain Association has over 80 members and wishes Binance.US all the luck in building their business.
Binance.US was the most significant exit for the Blockchain Association. This association has been an important advocate for crypto in a moment when it is under increased scrutiny from regulators.
Coinbase, another cryptocurrency powerhouse, left Blockchain Association in August 2020. Coinbase, another crypto powerhouse, quit the Blockchain Association in August 2020 after it accepted a rival company, Binance.US. The company has often been blamed for not following regulations or failing to have adequate security controls against money laundering.
In conclusion, it seems that Binance.US withdrawals and Coinbase withdrawals may indicate misalignment in the leadership of the Blockchain Association. Besides, it’s not confusing given the contrasts in the track records of the two exchanges from a compliance viewpoint.
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