Binance issues a series of advertisements meant to ensure safe access to emerging technologies, liquidity and secure platforms.
Explanation
Binance, the world’s leading blockchain ecosystem, today announced 10 Fundamental Rights for Crypto Users that can serve as a guiding hand in regulatory discussions and development of global frameworks for crypto markets. The customer rights, as described in a series of advertisements published today globally, are meant to ensure safe access to emerging technologies, liquidity, and secure platforms among other steps to “protect users without limiting growth and innovation.”
At Binance project crypto belongs to everybody, and that in order to reach the next billion users, blockchain and crypto platforms must work with regulators and policymakers to develop global regulatory frameworks to achieve the mutual goal of protecting users. While it’s true that crypto has come a long way, as of today, only a small fraction of the world’s population uses crypto on a regular basis.
While we recognize that the shape and format of regulatory frameworks will depend on national and regional policymakers and their constituents, this is an opportunity for industry participants like Binance to launch more productive conversations with the wider industry, including other ecosystems, exchanges, blockchain innovators and more. Take a look at our full list of fundamental rights for crypto users below.
10 Fundamental Rights for Crypto Users
- 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.
