The exchange Binance released an unusual campaign this Tuesday (16). Through an advertisement, the company published ten fundamental rights for users of cryptocurrencies.
The manifesto-like document took up an entire page of the famous British newspaper Financial Times. In this manifesto, Binance demands universal access to financial tools, strict protection for personal data and other measures.
“The future of cryptocurrencies needs to be user-focused. And we are doing everything we can to make that happen,’ said the company.
The future of crypto needs to be user-focused. And we’re doing everything we can to make that happen. pic.twitter.com/LGGoYSL4ZJ
— Binance (@binance) November 16, 2021
Complete list of ten principles of the manifesto
The original manifesto articles are available through a website created by Binance. The list is in English, but CriptoFácil translated all ten articles in full:
- Every human being must have access to financial tools, such as cryptocurrencies, which enable greater economic independence;
- Industry participants have a responsibility to work with regulators and policy makers to set new standards for cryptoactives. Smart regulation encourages innovation and helps keep users safe;
- Responsible platforms have an obligation to protect users from wrongdoers, as well as implement customer identification processes (KYC) to prevent crimes;
- Privacy is a human right, and personally identifiable information (PII) data must be subject to strict levels of protection;
- Cryptocurrency users have the right to access exchanges that keep their funds safe, in escrow and with deposit insurance;
- Healthy markets must maintain a robust level of liquidity to ensure a stable trading environment;
- Regulation and innovation are not mutually exclusive. Cryptocurrency users deserve secure access to emerging technologies and practices, including NFTs, stablecoins, staking, revenue and more;
- Closing the knowledge gap is essential when it comes to cryptocurrencies. Users are entitled to accurate information without fear of being victims of unfair or misleading advertising;
- Markets offering derivatives must be subject to appropriate regulations. This ensures that all users meet eligibility requirements and that their transactions are settled fairly;
- The regulation of cryptocurrencies is inevitable. Therefore, users are entitled to share their opinion on how the industry should evolve.
Customer Defense and Regulatory Compliance
This is Binance’s first major advertisement in a global newspaper. The manifesto came at a time when the company is trying to reinvent its corporate culture and remake its image. Now, Binance seeks to collaborate with authorities and change its image in the market.
However, the manifesto also bears characteristics of the posture of freedom advocated by Changpeng “CZ” Zhao, CEO of Binance. In fact, Zhao highlighted that all articles in the document aim to protect the user from the exchange.
“At Binance, our priority has always been the everyday user, from their security to their experience as part of a larger community. That’s what cryptocurrencies are all about and it’s important that we don’t lose sight of that as an industry,” said Zhao.
Manifesto inspired by real life?
The Binance manifesto is, of course, symbolic. In other words, it has no legal power. But Binance’s list is apparently inspired by another famous statement, the Bill of Rights.
Present in the constitution of the United States, the Bill of Rights corresponds to the first ten amendments of the constitution of the country. In short, the law guarantees basic rights to the country’s citizens, just as the Binance manifesto defends the rights of cryptocurrency users.
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