The leading blockchain in the world, Binance, has issued a call for a global regulatory framework for crypto markets. It also released ten fundamental rights for crypto users, stating that they could act as a guide during regulatory discussions and the development of a regulatory framework.
Ensuring Customer Rights
Binance released a series of advertisements describing customer rights that were published globally. The customer rights are envisaged to ensure access to secure platforms, liquidity, and emerging technologies, enabling the protection of users without causing a hindrance to innovation and growth.
Speaking about the topic, Changpeng Zhao, the CEO of Binance, stated,
“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. With these ten basic rights, we hope to provide a voice to those who have traditionally been muted by high finance.”
Working With Regulators And Policy Makers
The crypto industry has seen a significant influx of new investors, with the markets maturing at a quickening pace. As this happens, Binance has been working with policymakers and regulators to create a global regulatory framework to protect users around the world while also not stifling growth and innovation, allowing them to grow and evolve in a responsible manner.
Productive Engagements With Regulators
Binance hopes that its ten fundamental rights for crypto users would signal the beginning of more productive engagements with the industry, including blockchain innovators, other crypto exchanges, regulators, policymakers, and world leaders.
Binance also acknowledged that regulation is inevitable but stressed that any type of regulation would need to be what it called “smart regulation.” It added that these types of regulations would offer a greater level of protection in the market for everyday users. Changpeng Zhao further added,
“Regulation and innovation are not mutually exclusive. We want to do everything possible as an industry to work with regulators and world leaders to identify what is going to be the effective regulatory policy that, most importantly, protects users and spurs innovation. At Binance, we look forward to working closely with regulators to help increase their knowledge on the industry and its possibilities.”
Recent Regulatory Hurdles
Binance has recently dealt with several regulatory headaches, with regulatory authorities globally putting intense scrutiny on the world’s largest cryptocurrency exchange. There have also been reports of insider trading and market manipulation.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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