One more way to show off? The exchange platform Binance, which came under fire from regulators in mid-year, released a manifesto. It details the rights of cryptocurrency users and confirms the new pro-regulatory positioning of the exchange platform. Decryption.
Binance continues to change its communication
It wasn’t that long ago that Binance was seen as an out-of-the-box exchange, the unknown nerve centre. The exchange showed a marked distance with the regulators until they fell on the sidelines this year.
Since then, Binance has made a radical change in its communication. Changpeng Zhao confirmed that the platform is now a financial institution and will comply with requests from regulators. It was also considering setting up its head office in Ireland.
The rights of cryptocurrency users, according to Binance
Unsurprisingly, this new publication from Binance is therefore also particularly focused on regulation. It is inspired by the “Bill of Rights” of the United States, that is to say, the first amendments to the country’s Constitution. And the tone is rather high:
The document, therefore, details the fundamental rights of cryptocurrency users. The first is the following:
“Every human being should have access to financial tools, like cryptocurrencies, which allow greater economic independence.”
Very “pro-regulation” rights
But the list immediately turns to the side of regulation, with the second “right”:
“Industry participants have a responsibility to work with regulators and policymakers to form new standards for cryptoassets. Smart regulation encourages innovation and helps users stay safe. “
In the rest of the list, Binance considers that platforms have the obligation (and not the right) to apply identification measures (KYC) to guard against financial crimes … While believing that “privacy is a human right“. A large gap assumed since the publication then explains that “regulation and innovation are not mutually exclusive “.
The last point well summarizes Binance’s positioning:
“The regulation of cryptocurrencies is inevitable. “
In any case, it is striking to see the about-face opera