The major cryptocurrency exchange Coinbase has left the cryptocurrency lobbying group known as the Blockchain Association as the exchange’s rival Binance US has entered into the group. The news has come a day after Binance US made its way into the association. However, the cryptocurrency exchange has not officially clarified the reason behind their withdrawal from the group but apparently, it seems that it was due to the entry of its rival Binance US.
Coinbase resigns from the Blockchain Association
According to The Block news site, a resignation letter was written to the Blockchain Association stating that the exchange is resigning from the Blockchain Association group. Coinbase’s Hermine Wong wrote in the letter:
“It is with considerable disappointment that I am tendering my resignation from the Board of the Blockchain Association, effective immediately. My resignation also serves as notice of Coinbase’s withdrawal from the Blockchain Association, including all working groups and any ongoing initiatives.”
The cryptocurrency exchange says in the note that their decision to withdraw from the group is mere because of the actions of the association in recent times. The exchange did not specify the name of Binance US in the note. As the letter furthermore stated:
“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.”
However, Coinbase said that it will not stop working for the cryptocurrency space and assured that it will continue to collaborate with other groups in the industry in order to “help crypto reach its game-changing potential.
No comments from Binance US
However, no reaction has been shown by the Binance US exchange on the withdrawal of Coinbase from the group neither anyone from the exchange passed any comment regarding this.
After the departure of the Coinbase exchange from the Blockchain Association, its eight-person board now has a vacant seat for a new member. Also, the membership of the organization has also decreased down from 24 to 23.