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Binance announces a list of fundamental rights for crypto users

The world's leading exchange Binance has launched a dedicated website with 10 fundamental cryptocurrency user rights, targeted to all market participants, especially regulatory bodies from different countries. Why did they launch this project right now, and how would it affect online poker players?

Binance announces a list of fundamental rights for crypto users

Why now?

The role of cryptocurrencies in the world is growing every year, especially in the online gambling industry: their share in the total amount of transactions is increasing like an avalanche. Therefore, it is not surprising that attempts to regulate this market by the authorities of many countries have intensified.

As usual, the first to come under their scrutiny was the largest crypto companies. First of all, the actual monopolist - Binance Group. Over the past year, it has had problems in China, Great Britain, the Cayman Islands, and Canada. 

The management of the exchange, represented by Changpeng Zhao, did not abandon the need for regulation and has already announced that it communicates with many relevant authorities worldwide on this matter. And recently, the company decided to make a power move to seize the initiative.

Binance launched yourcryptorights project and published a list of ten cryptocurrency user rights that should become a "global regulatory framework" for building future relationships between exchanges, blockchain industry innovators, opinion leaders, and regulatory bodies.

However, the company did not limit itself to just a separate website and blog entry. They also ordered advertising of the project in popular newspapers - Financial Times, Washington Post, and The New York Times mentioned on their Twitter account. And the website yourcryptorights.com lists the social media contacts of FTX, Coinbase, Gemini, Kraken, and Crypto.com for repost and discussion of this initiative.

Binance promo in Washington Post and New York Times

*The headline "Crypto is Evil" was chosen to attract attention. The text below states: "When it comes to crypto, don't let the headlines fool you."

The list of crypto users rights

  1. Every human being should have access to financial tools, like crypto, that allow for greater economic independence.
  2. Industry participants have a responsibility to work with regulators and policymakers to shape new standards for crypto assets. Smart regulation encourages innovation and helps keep users safe.
  3. Responsible crypto platforms have an obligation to protect users from bad actors and implement Know Your Customer (KYC) processes to prevent financial crimes.
  4. Privacy is a human right, and personally identifiable information (PII) data should be subject to strict levels of protection.
  5. Crypto users have the right to access exchanges that keep their funds secure, in safe custody with comprehensive deposit insurance. 
  6. Healthy markets should maintain a robust level of liquidity to ensure a stable and frictionless trading environment.
  7. 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.
  8. Closing the knowledge gap is essential when it comes to crypto. Users have the right to accurate information on crypto assets, without fear of falling victim to unfair or deceptive advertising.
  9. Marketplaces that offer derivative instruments should be subject to the appropriate regulations. This ensures all users meet eligibility requirements and that their transactions are fairly settled.
  10. Crypto regulation is inevitable. Users have the right to share their voice on how the industry should evolve with their blockchain platform of choice. 

Consequences

In fact, this publication has no legal power even within the exchange itself and, like any general rule, is declarative. But this document clearly demonstrates the long-term vision of the digital asset industry from Binance's management point of view, together with their desire to be the "trendsetter."

For online poker players, the last point is the main one, regardless of their country of residence. 

Binance recognizes the inevitability of government regulation of crypto assets. It means the following: while maintaining their technical advantages for transactions, cryptocurrencies will sooner or later lose anonymity since, in one way or another, they will be tied to personally verified wallets. The information about these wallets can be requested by the legal authorities through the regulatory bodies.

In our opinion, in the next few years, we should not expect any radical changes in terms of the crypto transactions transparency for legal authorities. There are too many different forces with conflicting interests on this market.

If you have any questions about cryptos and poker, reach our manager Anton to get advice:

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Vargoso 19.11.21
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