Binance publishes ’10 fundamental rights’ of cryptocurrency users

Binance continues to change its communication

It wasn’t that long ago that Binance was seen as an out-of-the-box exchange, the nerve center of which was not known. The exchange showed a marked distance with the regulators … Until they fell on the sidelines this year.

Since then, Binance has made a radical change in its communication. Changpeng Zhao confirmed that the platform is now a financial institution, and that it will comply with requests from regulators. It was also considering setting up its head office in Ireland.

👉 On the same subject – France: Binance wants to obtain PSAN status “within 6 to 12 months”

The rights of cryptocurrency users, according to Binance

Unsurprisingly, this new publication from Binance is therefore also particularly focused on regulation. It is inspired by the “Bill of Rights” of the United States, that is to say the first amendments to the Constitution of the country. And the tone is rather high:

Binance cryptocurrency user rights

Source: Binance

The document therefore details the fundamental rights of cryptocurrency users. The first is the following:

“Every human being should have access to financial tools, like cryptocurrencies, which allow greater economic independence. “

Very “pro-regulation” rights

But the list immediately turns to the side of regulation, with the second “right”:

“Industry participants have a responsibility to work with regulators and policymakers to form new standards for cryptoassets. Smart regulation encourages innovation and helps users stay safe. “

In the rest of the list, Binance considers that platforms have the obligation (and not the right) to apply identification measures (KYC) to guard against financial crimes … While believing that “privacy is a human right ”. A large gap assumed, since the publication then explains that “regulation and innovation are not mutually exclusive”.

Binance’s positioning is well summarized by the last point:

“The regulation of cryptocurrencies is inevitable. “

In any case, it is striking to see the about-face operated by Binance in the space of a few months. Will this type of communication be enough for the exchange to continue to take hold all over the world without making too many waves? What is certain is that it is at the forefront and that it should once again pave the way for other platforms.

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About the author: Marine Debelloir

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Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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