Binance has joined the Chamber of Digital Commerce, a United States crypto industry lobbying group, according to a press release from the exchange. The move comes after Binance has been criticized for allegedly being unregulated.
Binance’s vice president of public affairs, Joanne Kubba, expressed hope that the partnership would help lead to clear regulations for the crypto industry in the U.S.
According to its website, the Chamber of Digital Commerce advocates for a variety of public policies, including tax parity for digital assets, Anti-Money Laundering/Know Your Customer regulations for crypto exchanges, increased regulatory clarity for security tokens and research on central bank digital currencies.
Since the collapse of FTX, calls for crypto regulation have increased, and Binance has come under special scrutiny for being a high-volume exchange that has no clear geographical location or regulatory status.
In order to prove that it is trustworthy and solvent, Binance has released an audited proof-of-reserve. However, the proof-of-reserve has been criticized for not disclosing Binance’s corporate structure or internal controls. Binance.US, a separate exchange with the same namesake as the global trading platform, joined the Chamber of Digital Commerce in 2020. Its rival, FTX, was also a contributor to U.S. politicians. But this appears to be the first time the international Binance organization has directly joined a U.S. lobbying group
