While the new Binance’s list of fundamentals looks promising to the users, for now, it is yet to ascertain whether the company actually is able to make a difference with its new bill.
World’s largest cryptocurrency exchange firm Binance rolled out a manifesto-like bill titled “Ten Fundamental Rights for Crypto Users”. The intricately written document advocated some of the pressing issues in the crypto world like global access to financial supplements, a solid system for the security of individual data.
Calling the 10-point proclamation an international administrative structure for the crypto markets, Binance also established provisions pointing towards several exchanges. These provisions referred to the commitment of such exchanges to secure customers from bad actors and to make sure of adequate liquidity for facile trade. It also includes the rights of investors to use crypto interfaces that protect their capital with “comprehensive deposit insurance”, and the prerequisite of all such platforms to attain the conventional “know-your-customer” practices to avoid theft.
The call to accept the so-called “bill of rights” for digital tokens come after months of global inspection and scrutiny of its business operations and infrastructure. The disputed crypto company has recently been at the epicenter of criticism for its unregulated practices in the trade of digital assets.
Some of the government supervisors (like the UK’s Financial Conduct Authority) have claimed that the company’s decentralized ecosystems along with its reluctance to answer questions have made the company incapable of being checked regularly.
Binance, as a company, does not own a formal headquarter facility. The firm plans to, however, start afresh in compliance with the regulators. The ten fundamental rights epitomize such an endeavor to remake its image and rejuvenate the corporate culture. Since the past few years, skeptics have asserted that the company, headed by CEO Changpeng Zhao (CZ), was unaware or more concerningly, ignorant to the malpractices carried out on its platform. In an effort to rehabilitate the work ethics of the firm, Binance has begun recruiting former regulators and members of law enforcement committees. The new recruits are touted to be significant IRS agents and investigators from Europol.
A former US Treasury criminal investigator, Greg Monahan has been hired to overlook Binance’s anti-money laundering operations. In a statement recently, Monahan told Decrypt that the rise of crypto into a $3 trillion market has brought more supervision and regulations into play. The main focus of all the rules and mandates is to protect the privacy and individuality of the newly established crypto ecosystem. He also added that the bill of rights was decided upon to assure regulators of the priority given to law and order by large crypto companies like Binance.
While the new Binance’s list of fundamentals looks promising to the users, for now, it is yet to ascertain whether the company actually is able to make a difference with its new stint in the market.
Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.