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Binance Releases Bill of Rights for Crypto Users

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Changpeng Zhao (CZ), CEO of major crypto exchange Binance, said that the firm aims to set up headquarters and regional offices around the globe in a move to shift away from a “technology company to a financial services company.” Along those lines, the exchange published a ‘crypto bill of rights’.

The company released Tuesday a bill, dubbed ’10 Fundamental Rights for Crypto Users’, suggesting a framework for lawmakers from around the globe which “can serve as a guiding hand in regulatory discussions and development of global frameworks for crypto markets.”

The bill calls for universal access to financial tools, encourages innovation, asks for strict protection of personal data, and more, arguing that:

“Every human being should have access to financial tools, like crypto, that allow for greater economic independence.” 

“Regulation and innovation are not mutually exclusive,” states the bill’s seventh item, adding that “crypto regulation is inevitable.” 

Echoing this view, the CEO said that:

“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.”

Meanwhile, in an interview with Squawk Box, the CEO pointed out the need for a centralized exchange to adopt a centralized structure, a shift from its long-standing “decentralized headquarters” narrative.

“When we started, we started as a decentralized organization. But as the industry gets bigger, the regulators are looking at this industry [and they] don’t know how to work with decentralized structures,” the CEO said.

Earlier this year, Binance faced worldwide regulatory scrutiny over operating in various jurisdictions. Ever since, the company has been adopting regulations, as well as hiring former members of law enforcement to assist it in achieving this goal.

“We believe very strongly that regulations are good for this industry,” he said, adding that the company aims to fully embrace regulation. As part of this, CZ noted that they have released a crypto bill of rights.