Binance, the world’s largest crypto exchange, has released what they call the “10 Fundamental Rights for Crypto Users.”
Running what Changpeng Zhao (CZ) says is Binance’s first advertisement ever, the exchange took up an entire page of London’s Financial Times with the words “CRYPTO IS EVIL.”
Underneath the eye-catching phrase, Binance warns:
“When it comes to crypto,
Don’t let the headlines fool you.
There’s a world beyond Bitcoin and Dogecoin, one where financial opportunity is accessible to everyone, not just the privileged few.
Crypto belongs to all of us. But there’s still work to be done if we want this breakthrough innovation to become part of our daily lives. Like seat belts in a car, a more regulated crypto market provides greater protections for everyday users.
To welcome the next billion users, Binance is working with regulators and policymakers to support a global framework that protects users without limiting growth and innovation.”
The exchange then presents a bill of rights-like set of fundamental standards that they think every crypto trader should be granted.
The list includes things like privacy, protection from bad actors, safe custody of funds, and proper amounts of liquidity.
Number ten on the list is: “Crypto regulation is inevitable.* Users have the right to share their voice on how the industry should evolve with their blockchain platform of choice.”
The new bill of rights comes after Binance facing regulatory scrutiny over the better part of the year. In the US, the Commodity Futures Trading Commission (CFTC) reportedly investigated Binance for alleged insider trading and market manipulation by “trading on customer orders before executing them.”
In the UK, The Financial Conduct Authority (FCA) alleged that Binance’s U.K. subsidiary was operating without approval, and similar allegations have arisen throughout Europe and East Asia.
Today, CZ, whose net worth is estimated to be somewhere in the ballpark of $2 billion, said in an interview with AP that he was considering giving away the vast majority of his wealth.
“Personally, I’m financially free. I don’t need a lot of money, and I can maintain my lifestyle in this way. I do intend to give away most of my wealth like many wealthy entrepreneurs or founders did from Rockefeller until today. I do intend to give away 90, 95, or 99% of my wealth.”
Binance is the world’s largest crypto exchange by far. As of November 8th, it was pulling in an average of $26 billion in 24-hour volume, more than $20 billion more than Coinbase.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.