Binance Issues List of Ten Fundamental Crypto Rights to Advance Crypto Regulation
Binance has issued a list of “fundamental rights” for crypto users, which range from the philosophical to the practical.
While the 10-point list does include rights in a more traditional sense, it also delegates responsibility and establishes certain market ideals.
The list starts by making some foundational claims that access to financial tools and privacy are human rights. Accordingly, all humans should be able to use any financial tool, including that facilitates their “economic independence,” and that any personally identifiable data should require prioritized protection.
It continues saying that users have the right to accurate information about any prospective investment they may make. Ultimately, users also have the right to express “their voice on how the industry should evolve with their blockchain platform of choice.” Users also have the right to feel confident in the security of exchanges that they use.
This ties in with one of the responsibilities on the list, that crypto platforms are obligated to protect their users by implementing Know Your Customer (KYC) processes. Binance also believes that industry participants have a responsibility to work with regulators to encourage innovation while keeping users safe. For instance, it agrees that marketplaces offering derivative instruments should be regulated. Ideally, these markets should also maintain an effective level of liquidity for a more stable trading environment
CZ’s intention
In an interview with Bloomberg, Binance CEO Changpeng “CZ” Zhao said the list reflects what Binance considers to be most important regarding crypto regulation. CZ noted that he had been meeting with regulators around the world, and that this was the basis for what he had been sharing with them. Under increasing regulatory pressure globally, he thought it was best that users also understand the exchange’s priorities.
CZ said that finally having a chance to meet regulators in person, after nearly two years of travel restrictions due to the pandemic, had made an impact. “When people see me in person, they say, ‘look, CZ is very reasonable, very calm, not a crazy guy,’ CZ said. “So that helps establish their trust much faster.”
When asked about the Squid Game token scandal, CZ said he believes it may actually take some time to find the perpetrators and had little sympathy for the scam’s victims. He advised users against investing in projects they didn’t trust, but also emphasized that there is always risk involved. One could be forgiven for thinking this comment a bit glib, as the exchange CEO has been known to promote projects with a questionable premise in his time.
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