There’s this ongoing regulatory scrutiny that is taking on multiple crypto exchanges and cryptocurrencies, for that matter. It is all for good, though, because with the rising track of cybercriminals and hackers wanting a piece of crypto security and the very thing which it stands for, i.e., decentralization, it is necessary to have a regulatory framework for everyone’s security and privacy. That is why pressure is immense on crypto exchanges as they try to figure out to live in with these regulatory changes and develop a particular framework for administering users and allowing them exposure to cryptocurrencies.
Binance, on the other hand, has taken a stance amid all this and wants to provide users with their basic rights when it comes to digital products. It has recently proposed a constitution-like document named ten fundamental rights for crypto users. In this brief paper, the crypto exchange emphasizes the need for user privacy, financial inclusion, and many other aspects are discussed as well. Binance has been hit multiple times by crypto regulators for various shortcomings in its dealings, transactions, and interactions of users with the crypto market.
Binance to Advocate for User’s Privacy Rights
Binance tweeted some time ago emphasizing the need to make crypto users focused and asserted that the exchange is doing everything it can to help with this specific transition. According to Binance, every human soul must have access to basic financial tools which enable them to achieve greatness and economic independence. Among emphasizing the need to have basic privacy rights for users, Binance also has raised its voice towards personally identifiable information.
This is a protocol that could be employed by crypto exchanges for the sake of knowing the identity of a dedicated user in real-time. This would help the exchange to determine that it is a legitimate user affiliated with the exchange that is trying to access certain funds or making a particular transaction. It is not only good for the safety of the user but of the platform itself. Crypto regulations are inevitable, one can’t fight them, but a sophisticated framework could be developed, allowing people to do business side by side with these regulatory affairs.