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Binance advocates for a crypto bill of rights

By Fergus Halliday
2 minute read

One of the world’s biggest cryptocurrency exchanges has pitched the idea of a crypto bill of rights.

Binance is looking to bring order to the chaos of the crypto market with a so-called crypto bill of rights.

In a statement, the cryptocurrency exchange confirmed that it is looking to work with both regulators and policymakers to develop and support a global framework that protects users without limiting the potential growth and innovation of the sector.

“Crypto belongs to all of us. But there's still work to be done if we want this breakthrough innovation to become part of our daily lives. Like seatbelts in a car, a more regulated crypto market provides greater protections for everyday users,” Binance said.

The company laid out 10 key principles it said should underpin the rights of those who hold cryptocurrencies.

This list affirmed not just the right to privacy as a human right, but also argued that every individual should have the right to access financial tools like crypto.

The company encouraged readers to share the list  along with their thoughts on it  with their crypto platform of choice. 

In terms of more practical recommendations, Binance said that industry participants have a responsibility to work with regulators and to protect their users from bad actors.

“Regulation and innovation are not mutually exclusive. Crypto users deserve safe access to emerging technologies and practices, including NFTs, stablecoins, staking, yield-farming and more,” the company argued.

Binance has also advocated for closing the knowledge gap around cryptocurrencies, and compliance with know-your-customer (KYC) requirements.

“Users have the right to accurate information on crypto assets, without fear of falling victim to unfair or deceptive advertising,” the company said.

Crypto-linked derivatives also merited a mention, with Binance arguing that marketplaces that offer such financial instruments be subject to appropriate regulations.

“This ensures all users meet eligibility requirements and that their transactions are fairly settled,” the company said.

The final inclusion on Binance’s proposed list of crypto rights included an admission that regulation of the crypto market is all but inevitable.

“We believe it should be up to each nation’s policymakers and their constituents to decide who should have oversight over the industry,” the company said.