• Binance Releases a List of Ten Fundamental Crypto Rights in an Effort to Advance Crypto Regulation

  • Binance has released a list of “fundamental rights” for cryptocurrency users that range from philosophical to practical.

    While the 10-point list includes traditional rights, it also delegated responsibility and established certain market ideals.

    The list begins with some fundamental claims, such as access to financial tools and privacy being human rights. As a result, all humans should be able to use any financial tool, including those that help them achieve “economic independence,” and any personally identifiable data should be given priority protection.

    It goes on to say that users have the right to accurate information about any potential investment. Finally, users have the right to “speak out about how the industry should evolve with their preferred blockchain platform.” Users have the right to have confidence in the security of the exchanges they use.

    This is related to one of the responsibilities on the list, which states that crypto platforms must protect their users by implementing Know Your Customer (KYC) processes. Binance also believes that industry participants must collaborate with regulators to foster innovation while keeping users safe. For example, it agrees that derivative instrument marketplaces should be regulated. These markets should ideally maintain an effective level of liquidity in order to provide a more stable trading environment.

    The intention of CZ

    Binance CEO Changpeng “CZ” Zhao stated that the list reflects what Binance considers to be the most important aspects of cryptocurrency regulation. CZ stated that he had been meeting with regulators all over the world and that this was the foundation of what he had shared with them. Under increasing regulatory pressure around the world, he believed it was critical that users understand the exchange’s priorities.

    CZ stated that having the opportunity to meet regulators in person after nearly two years of travel restrictions due to the pandemic had an impact. “When people see me in person, they tell me, ‘look, CZ is very reasonable, very calm, not a crazy guy,'” CZ explained. “As a result, their trust is established much more quickly.”

    When asked about the Squid Game token scandal, CZ stated that he believes it will take some time to find the perpetrators and expressed little sympathy for the victims of the scam. He cautioned users against investing in projects they did not believe in, but he also stressed that there is always risk involved. One could be forgiven for thinking this comment was a little glib, given that the exchange CEO has been known to promote projects with dubious premise in the past.

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