Binance, the largest cryptocurrency exchange, recently issued a list of 10 fundamental rights for crypto users, a cryptocurrency bill of rights of sorts, calling on industry leaders and policymakers to work together to produce a regulatory framework for the future of crypto.
Key takeaways:
- The header on the recently launched yourcryptorights.com website reads, “Crypto is evil. When it comes to crypto, don’t let the headlines fool you.” It certainly grabs attention, especially as a full-page printed ad.
- Binance is convinced that everyday users can only benefit from the rapidly evolving blockchain industry if necessary regulatory safeguards are put in place and believes financial opportunity should be “accessible to everyone” and that crypto allows “for greater economic independence.”
- The contents of the second and third bullet points, discussing cryptocurrency businesses’ responsibility to work with regulators, are particularly intriguing, especially given Binance’s history with the regulators.
- “Responsible crypto platforms have an obligation to protect users from bad actors and implement Know Your Customer (KYC) processes to prevent financial crimes,” the third bullet point reads. It is worth noting that Binance has only recently employed a platform-wide KYC policy.
- Binance’s pivot towards proactive compliance has been well documented. Over the past year, the exchange has taken numerous measures to appease regulators, such as the lowering of maximum leverage when futures trading and educating users about responsible trading techniques.
- Throughout the ten points that Binance considers to be of most importance to the general health of the crypto industry, the exchange repeatedly calls on its competitors to work with regulators and abide by the current legislation.
- Binance wrapped the list by stating, “Crypto regulation is inevitable,” and expanded the position in the site’s footnote by adding, “If you’re looking for a caveat, you won’t find it here. Crypto regulation is coming. And we believe it will change the industry for the better.”
- Wall Street Journal recently reported that Binance could be worth north of $300 billion, which would rank it as the 30th largest company in the world, ahead of entertainment giant Walt Disney and medical conglomerate Pfizer.
