Cryptocurrency company Coinbase withdrew from the American Blockchain Association after the Binance US exchange joined it.
“It is with great disappointment that I announce my immediate withdrawal from the Blockchain Association,” wrote Coinbase's Hermine Wong. "This means Coinbase is leaving the Blockchain Association, including all working groups and any ongoing initiatives."
The decision was taken based on the actions of the association during the last weeks. While the letter does not explicitly mention Binance US, The Block's sources suspect the resignation is related to the exchange's admission to the association (announced on Monday).
“We hope the Blockchain Association remains committed to its values, but unfortunately, recent weeks have shown us that the association is not interested in adhering to the membership criteria that we have developed to support the organization’s mission,” the letter said.
In a statement, Wong added that "the decisions now made could undermine the credibility of the association."
The Blockchain Association also announced that it was disappointed with Coinbase's departure. “However, we believe it is important to adhere to our established criteria for neutral membership and respect the views of the majority,” the organization said.
Binance US declined to comment on Coinbase's departure.