Binance calls for the creation of uniform regulatory rules for the crypto market
Binance cryptocurrency exchange has presented a list of the basic rights of crypto users, which can serve as a guideline for regulators to develop a worldwide legal framework in crypto markets.
According to the company’s representatives, the introduction of uniform rules for the crypto market will help ensure secure access to modern technologies and create reliable cryptocurrency platforms.
Binance CEO Changpeng Zhao has said that the interests of common users have always been in the first place for Binance. Exchange employees have published 10 rules that can become the basis for further development of regulation for the cryptocurrency market.
Binance cooperates with regulators around the world to create a global legal framework that will ensure the protection of users and the healthy development of the industry.
The following are the 10 basic rights offered by Binance:
1. Every person should have access to financial instruments, such as cryptocurrency, which guarantees a greater level of economic independence.
2. Industry participants should cooperate with regulatory authorities to form new standards for digital currencies. Smart regulation promotes development and helps to protect users.
3. Crypto platforms are required to protect users from bad actors and implement special procedures, such as KYC, to prevent financial crimes.
4. Privacy is a human right, therefore, personally identifiable information (PII) must be properly protected.
5. Crypto users have the right to access secure exchanges that ensure the safety of their funds and have special insurance for deposits.
6. Markets should maintain a steady level of liquidity to create a stable and free trading environment.
7. Regulation and innovation should not be mutually exclusive. Users should be provided with secure access to modern technologies and practices, such as NFT, staking, stablecoins and others.
8. Users have the right to receive reliable information about crypto assets without fear of becoming a victim of unfair or misleading advertising.
9. Markets offering derivative financial instruments should comply with the relevant requirements. This ensures that all users will meet the necessary qualifications, and their transactions will be fairly settled.
10. The introduction of regulation for digital assets is inevitable. Users have the right to express their opinion on how the cryptocurrency should develop through their blockchain platform.
Changpeng Zhao has pointed out that smart regulation will be good for the cryptocurrency industry. Last week it became known that Binance is going to become a digital asset service provider and open a central office in France.
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