Crypto exchange Binance has presented a list of the fundamental rights of cryptocurrency users, which could serve as a guideline for regulators to consider to develop a global legal framework in crypto markets.
According to the company, user rights are meant to ensure safe access to new technologies, liquidity and secure platforms, as well as to "protect users without limiting growth and innovation." Binance CEO Changpeng Zhao has said:
"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."
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Amid all-time highs in the market, new investors and the growth of the crypto industry, Binance is working with regulators and policymakers from all over the word to develop a global regulatory framework to ensure user protection, innovation and healthy industry development.
The following are the 10 Fundamental Rights:
- 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.
Binance is aware of the fact that increased regulation is inevitable and has highlighted "smart regulation" is beneficial. "Like seatbelts in a car, a more regulated crypto market provides greater protections for everyday users."