Binance announced 10 Fundamental rights for crypto users to help in regulatory discussions

What happened

Binance, the world’s leading blockchain ecosystem, yesterday announced “10 Fundamental Rights for Crypto Users”. Those rights can serve as a guiding hand in regulatory discussions and development of global frameworks for crypto markets.

“At Binance, our priority has always been the everyday user, from their security to their experience as part of a greater community. That’s what crypto is all about, and it’s important that we don’t lose sight of that as an industry. With these 10 basic rights, we hope to provide a voice to those who have traditionally been muted by high finance,” said Binance CEO “CZ” (Changpeng Zhao).

The 10 Fundamental Rights for Crypto users

     1.Every human being should have access to financial tools, like crypto, that allow for greater economic independence.

2. 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.

3. Responsible crypto platforms have an obligation to protect users from bad actors and implement Know Your Customer (KYC) processes to prevent financial crimes.

4. Privacy is a human right, and personally identifiable information (PII) data should be subject to strict levels of protection.

5. Crypto users have the right to access exchanges that keep their funds secure, in safe custody with comprehensive deposit insurance.

6. Healthy markets should maintain a robust level of liquidity to ensure a stable and frictionless trading environment.

7. 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.

8. 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.

     9. 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.

10. Crypto regulation is inevitable.* Users have the right to share their voice on how the industry should evolve with their blockchain platform of choice.

What now

Amid the recent market highs, Binance is working with regulators and policymakers to develop global regulatory frameworks that achieve the mutual goal of protecting users, while allowing innovation to continue in a responsible manner, ensuring a healthy trajectory forward for the industry.

Focusing on the last Fundamental, Binance says that Crypto regulation is inevitable  and stresses that “smart regulation” is beneficial. “Like seatbelts in a car, a more regulated crypto market provides greater protections for everyday users.”

“Regulation and innovation are not mutually exclusive. We want to do everything possible as an industry to work with regulators and world leaders to identify what is going to be the effective regulatory policy that, most importantly, protects users and spurs innovation. At Binance, we look forward to working closely with regulators to help increase their knowledge on the industry and its possibilities,” said CZ.