Binance proposes 10 fundamental rights for crypto asset users and calls for establishing a global regulatory framework for crypto markets
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Binance proposes 10 fundamental rights for crypto asset users and calls for establishing a global regulatory framework for crypto markets
Regulation and innovation go hand in hand. As an industry participant, we hope to proactively engage with regulators and global leaders in every possible way to identify the most effective regulatory approaches, and more importantly, to foster innovation while protecting users.
Navigating Web3 tides with focused insightsNovember 16, 2021—Binance, the world’s leading blockchain ecosystem, has proposed 10 Fundamental Rights for Crypto Users, aiming to guide global discussions and policymaking on crypto asset regulation. Today, Binance launched a series of advertisements worldwide advocating for “protecting users’ fundamental rights without compromising growth and innovation,” including ensuring users’ secure access to emerging technologies, liquidity, and platform safety.
“Binance has always prioritized users, focusing on security and community experience—these are at the heart of crypto, and we must not lose sight of them as our industry evolves. Through these 10 fundamental rights, we aim to speak up for those suppressed by so-called traditional elite finance,” said Changpeng Zhao (CZ), Founder and CEO of Binance.
With the market reaching new highs and continuous influx of new investors, the crypto industry is maturing rapidly. Against this backdrop, Binance is engaging with regulators and policymakers to develop a global regulatory framework that protects users while enabling responsible innovation and ensuring healthy, sustainable industry development.
Binance believes the 10 Fundamental Rights for Crypto Users announced today will serve as a guiding principle to foster more constructive dialogue across the broader industry—including other exchanges, blockchain innovators, policymakers, and global leaders.
In its ads outlining the 10 rights, Binance also stated that stronger regulation in the future is inevitable, emphasizing that “smart regulation” will greatly benefit industry growth. “Regulating the crypto market is like wearing a seatbelt when driving—a more standardized market better protects our users.”
“Regulation and innovation go hand-in-hand. As an industry participant, we want to do everything possible to actively engage with regulators and global leaders to find the most effective approaches—most importantly, protecting users while fostering innovation. Binance looks forward to working closely with regulators to deepen their understanding of the industry and unlock the full potential of crypto,” said CZ.
About Binance
Binance is a leading global blockchain and cryptocurrency infrastructure provider, offering a range of financial products including the highest-volume digital asset trading platform. Trusted by millions of users worldwide, Binance is committed to enabling greater monetary freedom and offers a robust suite of crypto products spanning trading and finance, education, data and research, social impact initiatives, investment and incubation, and decentralized and infrastructure solutions. For more information, visit: https://www.binance.com
Cryptocurrency Is Not a Demon
When people talk about cryptocurrency, they often say such things—but don’t be misled by sensational headlines anymore!
Beyond well-known names like Bitcoin and Dogecoin, the crypto space offers many areas worth exploring. Here, everyone has the opportunity to build wealth—not just a privileged few.
Crypto belongs to everyone. But if we want this innovative breakthrough to become part of everyday life, there is still much work ahead. Regulating the crypto market is like wearing a seatbelt—it ensures a safer environment that better protects users.
Binance is collaborating with regulators and policymakers to build a global framework that protects users without limiting growth and innovation, preparing for explosive user growth in the future.
Establishing these fundamental rights will help everyone embrace the world of crypto:
10 Fundamental Rights for Crypto Users
I.
Everyone should have the right to access financial products like crypto assets to achieve greater economic autonomy.
II.
Industry participants have a responsibility to collaborate with regulators and policymakers to establish new standards for the crypto industry. Smart regulation can not only drive innovation but also enhance user protection.
III.
Protecting users from misconduct is an obligation of responsible crypto platforms, such as implementing mandatory KYC procedures to prevent financial crimes.
IV.
Privacy is a fundamental human right; personally identifiable information (PII) must be strictly protected.
V.
Crypto users have the right to use exchanges that safeguard their assets, ensuring comprehensive protection of their funds.
VI.
A healthy financial market should maintain stable liquidity to ensure users can minimize transaction costs.
VII.
Regulation and innovation are not mutually exclusive. Crypto users should be able to experiment safely with emerging technologies, including NFTs, stablecoins, staking, and liquidity mining.
VIII.
For the crypto industry, bridging the knowledge gap is essential. Users should have access to accurate and comprehensive information about crypto assets, so they need not fear losses due to unfair or deceptive advertising.
IX.
Appropriate regulations are necessary to standardize derivatives markets, ensuring all participants meet eligibility requirements and trade outcomes are fair.
X.
Regulation of the crypto industry is inevitable. *Users also have the right to voice their opinions on how the industry should evolve alongside their chosen blockchain platforms.
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