Binance Pushes Crypto ‘Bill of Rights’ Following Regulatory Review

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Binance, the world’s largest cryptocurrency exchange, has called on regulators to adopt a “bill of rights” for digital assets, after months of a global review of its structure and business operations.

The controversial crypto platform has been the subject of consumer warnings in more than a dozen countries this year. Supervisors, including the UK’s Financial Conduct Authority, have warned investors that Binance’s activities are still unregulated and that its decentralized structure and unwillingness to answer certain questions make it unable to be effectively overseen. .

Now, the firm, which has no official headquarters, is eager to turn the page. As part of a strategy to work with regulators going forward, Binance has published a list of 10 “core” rights that it believes should be granted to crypto investors in future legislation.

READ How Binance Took Crypto Market By Storm, Then Caught Governments’ Attention

These include the right of investors to access crypto platforms that protect their funds with “comprehensive deposit insurance”, and the obligation for such platforms to follow “standard know your customer processes to prevent financial crimes ”.

Binance Managing Director Changpeng ‘CZ’ Zhao said in a Nov. 16 statement that the bill was intended to “give a voice to those who have traditionally been silenced by high finance.”

“Every human being should have access to financial tools, like cryptography, which allow greater economic independence,” reads first on the right.

“Regulation and innovation are not mutually exclusive. Crypto investors deserve secure access to emerging technologies and practices, including [non-fungible tokens], stable coins, staking, yield farming and more, ”argues his seventh right.

Zhao previously pledged to remedy some of the scrutiny of his business by creating a centralized office for Binance. The rights document said all participants in the crypto industry have a responsibility to work with regulators to “shape new standards for crypto assets.”

The manifesto comes after rival exchange Coinbase, which listed its shares in New York City earlier this year, released a master plan for regulators in which it called on the United States to create a dedicated crypto regulator.

READ Coinbase calls for crypto regulator in comprehensive policy plan

The Biden administration has since recommended to Congress to establish a new regulatory framework for stablecoins and limit the companies involved in their issuance to banks. Larger cryptocurrencies such as bitcoin have not yet been subject to regulatory intervention.

“We want to do everything we can as an industry to work with regulators and world leaders to identify what will be effective regulatory policy that, more importantly, protects users and spurs innovation,” Zhao said. .

“We look forward to working closely with regulators to help increase their knowledge of the industry and its possibilities.”

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To contact the author of this story with comments or news, email Emily Nicolle

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