Coinbase refused to be affiliated with the American Cryptocurrency Association with Binance.USCryptocurrency exchange Coinbase withdrew from the U.S. Blockchain Association, which advocates for the U.S. cryptocurrency and blockchain industry, shortly after joining a rival platform, Binance.US, which is negatively perceived by full-fledged crypto market players. Coinbase immediately decided to leave the group.
“It is with considerable disappointment that I am tendering my resignation from the Board of the Blockchain Association, effective immediately, - was written by Coinbase representative Ermin Wong. - My resignation also serves as notice of Coinbase’s withdrawal from the Blockchain Association, including all working groups and any ongoing initiatives."
The letter says the decision was made based on inappropriate actions by the organization during the last weeks of 2020. Members of the industry and the association itself suspect that it is connected with the admission of a separate legal entity of the fraudulent Binance exchange to the group of the pseudo-exchange Binance.US), however, the letter does not say this in plain text, but is implied. Binance.US joined the Blockchain Association on Monday, apparently to lobby for its fraudulent goals.
“While we hope the Blockchain Association will stay true to its values, unfortunately, recent weeks have shown us that the Blockchain Association has no interest in maintaining the membership criteria that we have developed to strengthen the organization's mission,” writes Coinbase, adding that decisions now being made can undermine the credibility of the group and make it difficult to achieve its goals.
Binance.US operates in the United States as a money transfer service provider and is registered with the Financial Crimes Enforcement Network (FinCEN), while its partner firm Binance claims to decentralize its governance and is not regulated by any national authority - hides its legal details and even the actual location.