November 16, 2021

Binance proposes to adopt "10 fundamental rights of crypto users"

Binance proposes to adopt "10 fundamental rights of crypto users"

Bitcoin exchange Binance has published a "10 Fundamental Rights of Crypto-users" document, intended to provide a basis for discussion and development of industry regulation.

Everyone should have access to financial instruments, such as cryptocurrency, that provide greater economic independence, reads the first paragraph.

The paper noted the need for "smart regulation", data privacy and security, as well as compliance with derivatives trading rules.

The authors called for marketplaces to protect users, implement KYC and AML measures, and ensure sufficient liquidity for trading.

Regulation is inevitable, reads the tenth paragraph of the manifesto.

That said, Binance is convinced that implementing regulatory rules for the crypto industry will ensure its "healthy development".

Regulation and innovation are not mutually exclusive. We want to do our best to work with regulators and global leaders to identify the most effective regulatory policies that, most importantly, protect users and drive innovation. We hope to work closely with regulators to help expand their knowledge of the industry and its capabilities, said Binance CEO Changpeng Zhao.

According to the "10 Fundamental Rights of Crypto Users", players in the crypto industry should have the following rights:

  • Everyone should have access to financial instruments, such as cryptocurrencies, that will promote their economic independence.
  • Industry players must work with regulators and lawmakers to shape new standards for crypto-assets. Proper regulation will foster innovation and protect the interests of users.
  • Cryptocurrency exchanges have an obligation to protect their users from attackers and support KYC and AML to prevent financial crime.
  • Privacy is a fundamental human right, and identifiable data must be subject to the highest level of protection.
  • Crypto-users have the right to access crypto-exchanges that guarantee the safety of their funds in a secure environment with a full insurance system.
  • Markets must provide a high level of liquidity to maintain a stable and free trading environment.
  • Regulation and innovation are not mutually exclusive. Crypto-users should have access to new technologies such as NFT, Stablecoin, Staking, Revenue Farming and many others.
  • There should be no gap in the availability of information when it comes to the crypto market. Consumers should receive up-to-date information about cryptocurrencies without the risk of falling victim to fraudulent or deliberately false advertising.
  • Markets that support derivatives trading should be regulated according to established rules.
  • Crypto-regulation is inevitable. But users have a right to have their voice heard when it comes to the development of the entire industry, together with the blockchain platform of their choice.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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