Binance US Has Left the Blockchain Association

Vignesh Karunanidhi
Binance US Has Left the Blockchain Association
Source: Binance

Binance US has reportedly left the Blockchain Association, citing differences in values, goals, and standards.

The American wing of the largest crypto exchange globally regarding trading volume has stepped down from the association within two years of joining.

Binance US departed despite major investments

The reports have been disclosed by an Anonymous Spokesperson to CoinDesk.

“Binance.US made a major investment last year in the Blockchain Association,” said the person. “Our executives recently negotiated in good faith with Blockchain Association executives in an effort to grow Binance.US’ role within the group.”

Anonymous Spokesperson

But despite multiple conversations, it was concluded that their values, goals, and standards were not fully aligned. The resources that had been dedicated to the association will be reallocated to different utilities and efforts of Binance US.

When Binance US joined the Blockchain Association in August 2020, Coinbase shortly stepped down from the association. Coinbase failed to take Binance’s name as the reason and instead cited that the association’s missions didn’t match with the board’s decision.

Binance US is reportedly opening an office in Washington in a combined effort to expand crypto regulations. The DC-based Blockchain Association has recently pushed its operations in New York to uplift crypto regulations across the statehouses.

“We are excited to establish our own Government Affairs team in D.C. to actively engage in direct and constructive dialogue with U.S. policymakers on smart regulation that increases clarity and trust, while allowing American innovation and leadership to flourish in crypto.”

Anonymous Spokesperson
Source: Fortune

Binance has amassed splendid growth and customer base over the years as CZ spoke at the Paris Blockchain Week Summit. He mentioned that the exchange is now available in over 70 countries and that the company has invested in over 100 crypto projects that are now valued at $7 billion. The company also announced a $108 million investment in France and a partnership with a Paris-based startup incubator.