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Coinbase left the Blockchain Association after joining the organization Finance.US

Coinbase left the Blockchain Association after joining the organization Finance.US

Cryptocurrency exchange Coinbase withdrew from the human rights group Blockchain Association because it joined it Binance.US.

Coinbase management believes that the decision to include Binance.Membership in the Blockchain Association contradicts the mission of this organization. Coinbase called such a move reckless, and it allegedly can cause “irreparable damage” to the authority of the Association. At the same time, the exchange did not indicate what the damage may be and why Binance does not deserve membership in the Association.

The real reason for Coinbase’s discontent is that the us division of Binance is competing with It in the fight for cryptocurrency traders in the US. In an address to the top Manager of the Blockchain Association, Kristin Smith, the Coinbase management indicated That the Association attracts participants without meeting “certain criteria”.

Meanwhile, the Blockchain Association expressed regret over the withdrawal of Coinbase from the organization during such difficult times for the industry. The human rights group noted that it meets the requirements for selecting participants. The decision to enable Binance.This was supported by a majority vote in the Association’s Board of Directors. Binance Guide.The government declined to comment on the situation.

According to a tweet from the Blockchain Association, in order to accelerate the development of the blockchain industry and the development of cryptocurrency legislation, it is necessary to unite with all major companies, investors and innovative projects from the cryptocurrency industry. This will facilitate the introduction of technological innovations in various industries, including the financial sector, as well as facilitate the creation of open networks based on blockchain.

In two years, the organization has already achieved some success. This month, a human rights group called on the Office of the Comptroller of the currency (OCC) to allow banks to make payments and accept deposits in stablecoins pegged to the us dollar. In addition, the group is working to pass the Token Taxonomy Act and Digital Taxonomy Act bills that remove cryptocurrencies from the definition of securities.

Earlier, the Blockchain Association supported kik and Telegram messengers in legal proceedings initiated by the us securities and exchange Commission (SEC).