Coinbase Withdraws From Blockchain Association Shortly After Binance.US Joins
- Coinbase withdraws from the blockchain lobbyist group a day after Binance.US, Binance’s American wing, joined the group.
In a report first published by The Block, Coinbase seems to have withdrawn from the Blockchain Association, a blockchain lobbyist group due to “recent decisions” within the group. The withdrawal follows the recent introduction of Binance.US, a crypto exchange rival to Coinbase, to the lobbyist group.
Coinbase, a founding member of the now-23 team association, wrote a letter addressed to the association claiming its resignation immediately. While the letter did not specifically mention the addition of Binance.US as the cause, the tone of the letter gives away pretty much on Coinbase’s view. Criticizing the membership criteria of the association, the letter reads,
“And while we hope the Blockchain Association remains committed to those values, unfortunately, recent weeks have demonstrated to us that the Blockchain Association is not interested in the membership criteria we had worked to establish to underpin the mission of this organization.”
The letter further states the “shift in organizational goals is not in line” with the plans the exchange had while founding the organization “nor the objectives of the association.”
A spokesperson from the exchange claims the recent decisions by the Blockchain Association hastened Coinbase’s departure, further stating,
“We believe that decisions made now have the potential to irreparably impair the credibility of the Association and make it increasingly difficult for it to achieve its goals and those of its members.”
The resignation from the Association will closely be linked to Binance.US joining the platform, despite all parties involved not commenting directly on the subject. In a tweet sent out on Tuesday, Blockchain Association stated they were disappointed to see Coinbase leave the organization “at a critical time for the industry” but defended their membership criteria saying,
“However, we believe that it is important to abide by our established neutral membership criteria + honor majority Board opinion.”
The Blockchain Association believes that bringing all of the major companies, investors, and innovative projects together from this young and growing industry is the only way to achieve meaningful and lasting policy and regulatory goals.
— Blockchain Association (@BlockchainAssn) August 11, 2020