The cryptocurrency exchange Binance — the world’s largest by trading volume — is leaving the industry’s main lobbying association and setting up its own Washington shop, CoinDesk reported.
The reason was a difference in “values, goals and standards,” a person close to the Binance decision reportedly told CoinDesk.
“Binance.US made a major investment last year in the Blockchain Association,” said the unnamed individual. “Our executives recently negotiated in good faith with Blockchain Association executives in an effort to grow Binance.US’s role within the group. But after multiple conversations we ultimately determined that our values, goals and standards were not fully aligned.”
“The resources that we would have dedicated will now be reallocated to efforts consistent with [Binance.US] policy agenda in Washington and state capitals across the country,” the individual reportedly added.
“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 Binance.US spokesman told CoinDesk. “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.”
Once CoinDesk published the news, a spokesman for the Blockchain Association issued a statement to CoinDesk.
“The Blockchain Association wishes [Binance.US] the best of luck as they build out their operation in Washington,” the spokesman, Curtis Kincaid, reportedly wrote in an email.
Even without Binance, Kincaid reportedly wrote, the trade group’s membership ranks include “more than 80 of the American crypto economy’s most prominent firms, investors, exchanges, infrastructure companies, and projects.”
According to CoinDesk, Binance.US joined the lobbying organization in August 2020.
CoinDesk also reported that while based in Washington D.C., the Blockchain Association recently added a New York state operation.
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