Binance, one of the world’s leading cryptocurrency exchanges, announced its 10 Fundamental Rights for cryptocurrency users, which the largest cryptocurrency platform by volume, touts that it can serve as a guiding hand in regulatory discussions and can help with the development of global frameworks for crypto markets.
These fundamental rights according to Binance are “meant to ensure safe access to emerging technologies, liquidity, and secure platforms among other steps to ‘protect users without limiting growth and innovation.”
In an interview with Bloomberg, Binance boss Changpeng Zhao explained that the 10 rights are a reflection of what Binance considers to be most important when it comes to regulating crypto. When asked why the company decided to release this list of rights, he stated, “We have been communicating with many regulators around the world. As a new industry, we like to share what we think is important for users. We want to put this out there so everybody understands from our position what’s important. We already shared this — not in this format — with different regulators, and we want the users to know as well. We have a much more detailed framework that we share with regulators directly.”
The 10 fundamental rights
Every human being should have access to financial tools, like crypto, that allow for greater economic independence.
Industry participants have a responsibility to work with regulators and policymakers to shape new standards for crypto assets. Smart regulation encourages innovation and helps keep users safe.
Responsible crypto platforms have an obligation to protect users from bad actors and implement Know Your Customer (KYC) processes to prevent financial crimes.
Privacy is a human right, and personally identifiable information (PII) data should be subject to strict levels of protection.
Crypto users have the right to access exchanges that keep their funds secure, in safe custody with comprehensive deposit insurance.
Healthy markets should maintain a robust level of liquidity to ensure a stable and frictionless trading environment.
Regulation and innovation are not mutually exclusive. Crypto users deserve safe access to emerging technologies and practices, including NFTs, stablecoins, staking, yield-farming, and more.
Closing the knowledge gap is essential when it comes to crypto. Users have the right to accurate information on crypto assets, without fear of falling victim to unfair or deceptive advertising.
Marketplaces that offer derivative instruments should be subject to the appropriate regulations. This ensures all users meet eligibility requirements and that their transactions are fairly settled.
Crypto regulation is inevitable. Users have the right to share their voice on how the industry should evolve with their blockchain platform of choice.