Binance Releases a List of Ten Fundamental Cryptocurrency Rights in Support of Crypto Regulation

Binance has released a list of “basic rights” for cryptocurrency users, ranging from philosophical to practical.

While the ten-point list included conventional notions of rights, it also delegated duty and established specific market principles.

The list begins by asserting that access to financial instruments and privacy are fundamental human rights. As a result, all people should have access to any financial instrument, including those that promote their “economic independence,” and all personally identifiable data should be protected with priority.

It continues by stating that consumers have a right to accurate information about any potential investment. Finally, consumers have the freedom to express “their perspective on how the sector should progress via their preferred blockchain platform.” Additionally, users have the right to have confidence in the security of the exchanges they use.

This relates to another of the list’s obligations, which is that crypto platforms are required to safeguard their users via the implementation of Know Your Customer (KYC) standards. Binance also thinks that industry players have an obligation to collaborate with authorities to foster innovation while safeguarding users. For example, it agrees that derivatives markets should be controlled. In an ideal world, these markets would also maintain an adequate degree of liquidity, which would contribute to a more stable trading environment.

Binance CEO Changpeng “CZ” Zhao said in an interview with Bloomberg that the list illustrates the issues that Binance believes are most critical in terms of cryptocurrency legislation. CZ said that he had met with regulators worldwide and that this was the foundation for the information he shared with them. With global regulatory pressure mounting, he believed it was critical for consumers to understand the exchange’s aims.

CZ said that finally meeting regulators in person, after almost two years of travel limitations due to the epidemic, had a positive effect. “When people meet me in person, they tell me, ‘see, CZ is a really normal, calm person. He is not a wild man,’ CZ said. “This enables us to develop their confidence much more quickly.”

When questioned about the Squid Game token issue, CZ said that he thinks locating the criminals may take some time and expressed little compassion for the scam’s victims. He cautioned customers against investing in untrustworthy enterprises, but highlighted that risk is always present. One may be excused for thinking this statement was a little glib, considering that the exchange’s CEO has a history of promoting initiatives with dubious foundation.

Also Read: The Department Of Justice Is Selling $56 Million Worth Of Cryptocurrency It Seized From Bitconnect.