Binance advocates for a crypto ‘bill of rights‘ in response to regulatory scrutiny

<p>A contentious cryptocurrency exchange has demanded universal access and identity verification norms.</p> <p>Binance, the world's largest cryptocurrency exchange, has urged policymakers to adopt a "bill of rights" for digital assets in the wake of months of global scrutiny of its corporate structure and operations.</p> <p>This year, the contentious cryptocurrency network has been the subject of consumer warnings in over a dozen nations. Investors have been warned by regulators including the UK's Financial Conduct Authority that Binance's activities remain unregulated and that the company's decentralised structure and reluctance to answer some queries make it impossible to monitor properly.</p> <p>Now, the firm, which operates without an official headquarters, is eager to begin a new page. Binance has produced a list of ten "basic" rights that it believes crypto investors should be granted in future law as part of its effort to collaborate with regulators.</p> <p>These include the right of investors to utilise crypto platforms that offer "complete deposit insurance" and the necessity that such platforms adhere to "normal know-your-customer protocols to prevent financial crimes."</p> <p>Changpeng 'CZ' Zhao, chief executive of Binance, stated on 16 November that the measure was designed to "provide a voice to those who have been historically silenced by high finance."</p> <p>"Every human being should have access to financial technologies, such as cryptocurrency, that enable more economic autonomy," the first right states.</p> <p>"Regulation and innovation do not have to coexist. Crypto investors deserve secure access to developing technologies and practises, such as [non-fungible tokens], stablecoins, staking, and yield farming, among others," the seventh right asserts.</p> <p>Zhao had committed to ease some of the scrutiny around his firm by consolidating Binance's operations. According to the rights document, all participants in the cryptocurrency market have an obligation to collaborate with regulators