Binance calls for global regulatory frameworks for crypto markets: Releases 10 Fundamental Rights
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In an effort to help guide regulatory discussions and the development of global frameworks for crypto markets, global blockchain and crypto exchange leader Binance has issued its 10 Fundamental Rights for Crypto Users.
Binance said that these customer rights, as described in a series of advertisements published today, are meant to ensure safe access to emerging technologies, liquidity and secure platforms among other steps to "protect users without limiting growth and innovation."
The 10 Fundamental Rights for Crypto Users are:
- 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.
"With these basic rights, we hope to provide a voice to those who have traditionally been muted by high finance," said Binance CEO Changpeng Zhao -- who goes by his initials "CZ." "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," he added.
Binance said it's working with regulators and policymakers to develop global regulatory frameworks to protect users, while allowing innovation to continue in a responsible manner, ensuring a healthy trajectory forward for the industry. Binance hopes the ads -- which consist of attention-grabbing bold, yellow block lettering against black background -- will serve as a guiding point to launch more productive conversations with the larger industry, including other exchanges, blockchain innovators, policymakers and world leaders.
Binance said it acknowledges that greater 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," said CZ. "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."