Binance.US, the American crypto exchange set up by Binance cofounder Changpeng Zhao, will exit lobby group Blockchain Association and allocate resources to its own lobbying workforce in Washington, D.C. and state capitals, according to a media report.

See related article: Binance.US wins license in Puerto Rico to fuel growth

Fast facts

• Binance.US is establishing its own government affairs team in Washington, D.C., according to a CoinDesk report Thursday, which cited a company spokesperson as saying: “We believe it’s time we had a clear voice with meaningful impact in the emerging policy debates around digital assets and cryptocurrencies in Washington.”

• Binance.US cited differences in “values, goals and standards” as reasons for its departure from the blockchain lobby group, according to the report.

• Its departure from the Blockchain Association — after joining in August 2020 — comes as the crypto exchange actively expands its presence in the U.S. and its unincorporated territories.

• Earlier this week, Binance.US said it has obtained a money transmitter license in Puerto Rico.

• To fuel its growth, Binance.US raised more than US$200 million from venture capital investors earlier this month and is believed to be eyeing an initial public offering in two to three years.

• “The Blockchain Association wishes Binance.US the best of luck as they build out their operation in Washington,” a Blockchain Association spokesperson told Forkast in an email.

See related article: Binance wants to play ball with regulators