TL;DR Breakdown
- Binance publishes fundamental rights for crypto users.
- Zhao says published rights are to give crypto users a voice.
Top crypto exchange, Binance has broken the norm in the crypto industry this time as they revolt to advocate for fundamental rights of crypto users.
The exchange in a series of advertisements being distributed globally, outlined that consumer rights are intended to encourage protected access to emerging technologies on secure platforms offering liquidity, with steps to “protect users without limiting growth and innovation.”
The “10 Fundamental Rights for Crypto Users,” is a carefully worded balancing act pushing for innovation in the face of fast-arriving regulation.
Binance CEO, Changpeng Zhao in a statement that accompanied the advocacy piece wrote “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.
Zhao said the 10 basic rights are intended to help “give a voice” to people who largely have “been muted by high finance.”
He expressed optimism that the basic rights published by Binance would be a jumping-off point that will lead to important discussions with the industry at large — different exchanges, blockchain developers, legislators, and leadership worldwide.
How best to explain Binance fundamental rights for crypto users
The fundamental right of crypto users as published by Binance comes years after series of allegations the exchange is not doing enough to rid its platform of bad actors.
Binance ever since has gotten into trouble with many regulators. However, the firm has started making corrections appointing regulators in key roles, improving its KYC and anti-money laundering efforts and also working on becoming a centralized form with a known headquarters.
The effect of Binance published fundamental right of crypto users on regulators and other firms remains to be seen.
Zhao, however, said Binance looks forward to working with regulators to increase their knowledge on the industry and its possibilities.
