Binance cryptocurrency exchange has published a document “10 Fundamental Rights for Crypto Users”, designed to become the basis for discussion and development of regulation of the industry.
“Every human being should have access to financial tools, like a crypto, that allow greater economic independence,” the first paragraph says. Thus, the document notes the need for “smart regulation”, ensuring data confidentiality and security. As well as compliance with the rules for the sale of derivatives.
In addition, the authors called on marketplaces to protect users, implement Know Your Customer (KYC). Also, Anti-Money Laundering (AML) measures, and ensure sufficient liquidity for trading.
Regulation is inevitable
“Regulation is inevitable,” reads the tenth paragraph of the document. At the same time, Binance believes that implementing regulatory rules for the cryptocurrency industry will ensure its “healthy development.”
“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,” said Changpeng “CZ” Zhao, CEO of Binance.
Recently, regulatory authorities in a number of countries have issued warnings about Binance’s activities or taken measures against the exchange. Against the background of these problems, CZ published an open letter; in which he spoke about the platform’s efforts to protect customers and ensure compliance.
Strengthening the staff
Earlier in August, Binance introduced mandatory user verification. Later in September, CZ announced the company’s rejection of the “decentralized” business model. The absence of a headquarters is a negative signal for regulators, he said at the time.
Recall that amid growing regulatory scrutiny, Binance hired Greg Monahan of the US Treasury to lead the Money Laundering Reporting (GMLRO) and Law Enforcement Administration.
Former Europol darknet specialist Nils Andersen-Reed has joined the Binance security team in September. Previously in November, Amjad Qaqish, a former Criminal Investigation (IRS CI) veteran at the US Internal Revenue Service; has been appointed as the company’s Director of Global Suspicious Activity Report (SAR) Reporting.