Binance believes the future of cryptocurrencies must be user-centric. Amid growing regulations, the CZ-led cryptocurrency exchange has released a list of what it considers the basic rights for every digital asset user.
Beyond the hype of Bitcoin (quotation BTC) and Dogecoin (DOGE), Binance said there is more to the cryptocurrency industry. Its constitution-like document “10 Fundamental Rights for Cryptocurrency Users” emphasizes the need for financial inclusion, privacy, among others.
Binance's New Crypto Manifesto
Leading cryptocurrency exchange Binance has been subject to regulatory scrutiny by various financial regulators. Especially at a time of boom in the cryptocurrency market amidst regulatory ambiguity, the company believes the latest document can serve as a guide in such discussions and developments around the world.
He said every human being should have access to financial tools that allow for greater economic independence, including cryptocurrency.
While describing privacy as a basic human right, Binance also touched on the subject of personally identifiable information. PII is essentially all information that could be used to identify a particular person. According to Binance, data like this should be subject to strict levels of protection.
Binance CEO CZ was quoted as saying:
“At Binance, our priority has always been the daily user, from their safety to their experience as part of a larger community. This is what cryptocurrencies are all about, and it's important not to lose sight of it as an industry. With these 10 fundamental rights, we hope to give a voice to those who have traditionally been silenced by high finance ”.
Cryptocurrency regulation is inevitable
Binance also recognized that regulation in space is inevitable and users should have a say in how it is formed. He also said industry players have a responsibility to work with watchdogs and policymakers to help them define robust regulation that doesn't hinder innovation and protect users.
While stating that regulation and innovation are not mutually exclusive, the paper also spoke about users' rights to engage in new technologies and verticals such as stablecoins, NFT, yield farming, staking, etc.
Binance has received regulatory backlash from the UK's FCA, the EU, as well as the jurisdictions of Thailand, Japan, Ontario, the Cayman Islands and Singapore. However, the exchange says it is thrilled to work with watchdogs and policy makers to bring global regulatory frameworks that ensure a "healthy trajectory" forward for the entire cryptocurrency industry.