Binance, one of the largest cryptocurrency exchanges in the world, has published the “10 Fundamental Rights” that can guide the cryptocurrency industry.
After the regulatory problems with various countries of the world, Binance continues to work to determine the global legal framework in order to both protect users and ensure the healthy functioning of the crypto money industry.
Binance stated that the 10 Fundamental Rights for crypto users will guide other exchanges, politicians, world leaders and regulators in the crypto industry to create a global legal framework.
Our first name ever, on Financial Times. pic.twitter.com/gnwNms6psq
— CZ 🔶 Binance (@cz_binance) November 16, 2021
Binance CEO Changpeng Zhao said:
“At Binance, our focus has been on security and our users. Protecting our vision is important to us. With these “10 Fundamental Rights”, we hope to give a voice to people who have not been heard because of the lack of regulation.”
The 10 Fundamental Rights Published by Binance are listed as follows:
1-Every person should have access to financial instruments such as crypto that offer them greater economic independence.
2- Industry participants have a responsibility to work with regulators and policy makers to shape new standards for crypto assets. Smart regulations encourage innovation and keep users safe.
3- It is the responsibility of responsible cryptocurrency platforms to implement Identity Verification (KYC) processes to protect users from malicious people and prevent financial crimes.
4- Privacy is a human right and personally identifiable information must be strictly protected.
5- Crypto investors have access to exchanges that keep their funds safe and secure with comprehensive investment insurance.
6- Healthy markets should provide durable liquidity to ensure stable and smooth trading environments.
7- Regulation and innovation are not mutually exclusive concepts. Crypto investors deserve secure access to emerging technologies and applications such as NFTs, stablecoins, staking, yield farming and more.
8- It is essential to eliminate the difference and lack of information when it comes to crypto. Users have the right to get clear information about their crypto assets without fear of falling victim to unfair or deceptive advertisements.
9- Markets offering derivatives should be subject to all necessary regulations. This will ensure that transactions are completed fairly and that all users meet the requirements.
10- Crypto regulation cannot be blocked. Users have the right to voice their opinions on how the industry will evolve with their preferred blockchain platform.