Crypto exchange Binance published a document “10 Fundamental Rights of Crypto Users,” intended as a foundation for discussion and the development of regulation in the industry.
“Every person should have access to financial tools such as cryptocurrency, which provide greater economic independence,” the first point says.
The document notes the need for “smart regulation,” data privacy and security, and compliance with derivatives sale rules.
The authors urged marketplaces to protect users, implement KYC and AML, and ensure sufficient liquidity for trading.
“Regulation is inevitable,” the tenth point of the manifesto states.
At the same time, Binance believes that implementing regulatory rules for the crypto industry will ensure its “healthy development.”
“Regulation and innovation do not exclude each other. We want to do everything possible to work with regulators and global leaders to define the most effective regulatory policy, which, most importantly, will protect users and stimulate innovation. We hope for close cooperation with regulators to help broaden their knowledge of the industry and its potential”, — заявил CEO Binance Чанпэн Чжао.
In recent months, regulatory authorities in several countries have issued warnings regarding Binance’s activities or taken action against the exchange.
Against these issues, Changpeng Zhao published an open letter, in which he outlined the platform’s efforts to protect customers and ensure compliance.
In August Binance introduced mandatory user verification.
In September, Changpeng Zhao stated the company’s abandonment of a “decentralised” business model. The lack of a headquarters is a negative signal to regulators, he noted at the time.
The exchange has also strengthened its staff with specialists such as former U.S. Treasury criminal investigator Greg Monahan, former Europol darknet expert Nils Andresen-Read, and Amjad Kakish, who previously worked at the U.S. Internal Revenue Service.
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