Amidst the recent regulatory strains, the crypto giant Binance has published its ten crypto “commandments” that call for greater freedom and more careful regulation.
In a recent interview with Bloomberg, the Binance CEO Changpeng Zhao stated that “the list is a reflection of what Binance considers to be most important when it comes to regulating crypto.”
The crypto rights list states that every human should be able to acquire crypto assets, as it is everyone’s right, as well as privacy and security. The “manifesto” also advocates for a more precisely defined regulation that does not contradict innovation.
The second point on the list seems rather peculiar, however, as it states: “Industry participants have a responsibility to work with regulators and policymakers to shape new standards for crypto assets.” This statement appears to be rather defensive when put in context with several recent regulatory faux pas that Binance faced.
A year ago, Binance stopped providing their services in the US, in the light of accusations of evading the regulatory policies. Similarly, a couple of European countries have expressed their concerns towards the crypto giant as well. In June, Binance was warned by the UK’s Financial Regulator Agency (FCA) that they were operating in the country without FCA’s permission. Finally, only a month later, Italy’s regulators also issued a warning to Binance regarding an unauthorized operation in the country.
It appears that Binance, as one of the earliest crypto exchanges, overlooked the regulatory policies in their early years and is now trying to catch up. As we can see, however, for several crucial markets, it might have come a little too late.