The crypto exchange Binance published the first bill of rights for all cryptocurrency users and it comes at a time when the company is trying to improve its image. We are reading more in today’s Binance news today.
The crypto exchange Binance published the bill of rights for crypto users that include calls for privacy and the rights to use different crypto tools. Some provisions are directed at the exchange and how can they serve better their customers. Binance is the world’s biggest crypto company and it issued what is called “10 Fundamental Rights for Crypto Users” and this document calls for universal access to financial tools, protections for personal data as well as other measures.
Touting the document as a global regulatory framework for the crypto market, the exchange created provisions that were directed at exchanges and these include obligations for all other platforms to protect the users from malicious actors and bad behavior and to ensure more liquidity for frictionless trading. Binance published a list of rights at a time when the company is trying to reinvent its corporate culture and to improve its image as it was a target of plenty of regulatory scrutinies recently. Critics claimed that binance and its CEO Changpeng Zhao is looking the other way when it comes to malicious activity or criminal activity on the platform.
Binance also hired former regulators and members of law enforcement which include prominent IRS agents and other investigators from Europol. Former US Treasury criminal investigator Greg Monahan oversees the exchanges’ anti-money laundering efforts and said that crypto grew into a $3 trillion market but regulators are becoming a permanent feature of the industry and that privacy and security of the ecosystem are the main priority. It still remains to be seen what effect Binance’s bill of rights will have on the regulators or other participants in the crypto industry. The impact will be limited because of the reputation of China and Russia that have thousands of users that are disregarding basic human rights and rule of law.
Monahan noted that the bill of rights was proposed as a new measure for others in the industry and as a clear sign to regulators that crypto companies are taking law and rights quite seriously. The company is hoping regulators take Binance’s endeavor seriously.
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