Binance expanded investments in lobbying just before guilty plea

Cryptocurrency exchange Binance has sharply increased its investment in lobbying over the past two years.

Binance and Binance.US spent more than $1 million lobbying politicians in 2023-2023, according to new data provided by OpenSecrets, a US non-profit that tracks political campaign donations. In total, Binance Holdings invested $850,000 in 2023, and Binance.US spent $340,000, both up significantly from the previous year.

Binance.US led the way in spending last year by investing more than $1 million lobbying for Binance.US and just $50,000 for Binance worldwide, the report found.

Binance expanded investments in lobbying just before guilty plea - 1
Source: OpenSecrets

These lobbying efforts in 2022 focused on two specific bills: the Digital Consumer Protection Act and the Lummis-Gillibrand Responsible Financial Innovation Act, the report says.

However, Binance is not the only crypto company investing in fresh lobbying efforts: Coinbase has spent roughly twice as much as Binance, with more than $2.1 million spent in 2023, while Kraken spent about $888,000 on lobbying this year.

In total, 56 companies have spent an estimated $20 million on crypto lobbying in the U.S., with Coinbase leading among crypto companies, and just 10 companies contributing more than half of crypto’s total resources towards influence of government officials.

You might also like: Web3 lobbying expenditure has increased by over 922% since 2017
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