Binance.US is no more a part of the Blockchain Association
Binance.US, the United States arm of the world's biggest cryptocurrency exchange, has confirmed that it is no more a part of the Blockchain Association, 'the unified voice of the blockchain and cryptocurrency industry.' A spokesman from the exchange talked to Protocol and revealed the firm'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, giving a serious blow to the key lobbying organization of the blockchain industry."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," a company spokesman told Protocol.Binance.US aims "to actively engage in direct and constructive dialogue with U.S. policymakers" with the establishment of the new government affairs team in Washington. On the other hand, the Association said that it "wishes Binance.US the best of luck as they build out their operation in Washington."
Around two years ago, the biggest rival to Binance.US and the biggest crypto exchange in the US, Coinbase, also left the Association when it allowed Binance.US to join.
"The digital assets space is not a one-size-fits-all environment from a policy and regulatory standpoint," Michael Fasanello, chief compliance officer of LVL, a crypto trading company, 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 expansion
Binance.US leaving the Blockchain Association and forming a separate lobbying organization might not be the only thing the firm is planning. Recently, Cryptonary reported that the Puerto Rico Office of the Commissioner of Financial Institutions gave a money transmitter license to Binance. U.S. Brian Shroder, the CEO of the firm, believes that the expansion to Puerto Rico, with its crypto-friendly tax policies, will be beneficial for the exchange.Continue reading by joining Cryptonary Pro
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