‘10 Fundamental Rights’: Binance Pitches Crypto Doctrine in Face of Heightened Regulation

The crypto exchange’s top item: “Every human being should have access to financial tools, like crypto, that allow for greater economic independence.”

Nov 16, 2021 at 5:00 a.m. UTC
Updated Nov 16, 2021 at 5:00 a.m. UTC

Cryptocurrency giant Binance has published “10 Fundamental Rights for Crypto Users,” a carefully worded balancing act pushing for innovation in the face of fast-arriving regulation.

Binance’s would-be crypto constitution bullet-points financial inclusion, “smart regulation,” personal data privacy, reliable security and rules around selling crypto derivatives.

Binance’s fractious relationship with various regulators around the world is well documented, as is its charismatic leader saying the firm has no headquarters, while cryptocurrency exchanges elsewhere were forced to meet the requirements of their respective jurisdictions.

“Regulation and innovation are not mutually exclusive,” states Binance’s seventh crypto commandment. The tenth bullet point goes on to acknowledge that “Crypto regulation is inevitable,” with an added footnote that reads: “If you’re looking for a caveat, you won’t find it here. Crypto regulation is coming. And we believe it will change the industry for the better.”

Binance did not make an executive available for interview, but founder “CZ” Changpeng Zhao said in a statement:

“We want to do everything possible as an industry to work with regulators and world leaders to identify what is going to be the effective regulatory policy that, most importantly, protects users and spurs innovation. At Binance, we look forward to working closely with regulators to help increase their knowledge on the industry and its possibilities.”

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Ian Allison is a senior reporter at CoinDesk.

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