Binance, which is by far the world’s biggest crypto trading exchange, has been calling upon the global regulators to come and sit together and form a comprehensive, but friendly, crypto regulation. An open invitation has been sent to global regulators at the event when Binance has successfully launched its new advertisement titled “Crypto Is Evil”, which talks about approximately 10 rights to which a crypto user is entitled fundamentally.
Do any fundamental rights exist for crypto users? Certainly, there is no constitutional document in the world that guarantees fundamental rights to crypto users. Irrespective of this fact, such fundamental rights do exist, at least for the world’s largest crypto exchange company namely Binance.
Binance has come to believe that like a normal citizen enjoying fundamental rights in any state, crypto users too have fundamental rights. According to Binance, there are at least 10 fundamental rights that are available to each and every user of crypto throughout the world. Evidently, within the crypto community, only Binance is the one that is advocating currently for these self-proclaimed fundamental rights.
Binance isn’t just advocating for these rights but it is also promoting the idea through its latest crypto advertisement campaigns. The campaign calling for fundamental rights to crypto users is titled “Crypto Is Evil”. On the 16th of November, 2021, Binance has officially made public the ten fundamental rights to which it thinks a crypto user is entitled. While publishing the list of rights, Binance has called upon global regulators to come and sit together and form much-needed regulations. So apparently the idea is to convince the global regulators that if they were to provide regulations, then regulations must include these rights.
Binance believes that the rights enshrined in its publication would come in handy in arriving at the provisions of crypto regulations. It said that if these ten rights are considered by the regulators and lawmakers, then a productive regulatory roadmap can be carved out. It has been suggested by Binance that recommendations must be sought from the general public, crypto exchanges, and blockchain networks and associations. It further opined that the worldwide regulators would only be able to see positive results if regulations are “user-focused”.
There have been several fundamental rights advocated by Binance which it wants to be guaranteed for crypto users. However, the relationship of Binance with the worldwide regulators is not very promising. In fact, Binance’s business operations have been questioned by worldwide regulators in recent times.
On many occasions, the firm has been sent warning notices by the regulators in which it has been warned to comply with certain laws. So for many, it looks absurd that Binance is advocating for fundamental rights while it continues to neglect its obligations towards regulators.