Binance releases "Ten Basic Crypto User Rights," CZ says in an interview: Binance has grown so large that it needs to be regulated reasonably.

Binance released a declaration of "Ten Basic Rights of Cryptocurrency Users" on 11/16, calling for measures such as the popularization of financial tools and strict protection of personal information, and believing that this declaration can be part of the regulatory framework in various countries. Founder Changpeng Zhao also emphasized in a recent interview that Binance has indeed grown to a scale where it needs to be reasonably regulated.

Ten Basic Rights of Crypto Users

1. Everyone has the right to access financial tools such as cryptocurrencies to achieve greater economic autonomy.

2. Crypto practitioners have the responsibility to collaborate with regulatory agencies and policymakers to establish new standards for crypto assets. Intelligent regulation can encourage innovation and protect user security.

3. Responsible crypto platforms are obligated to protect users from malicious actors and implement Know Your Customer (KYC) processes to prevent financial crimes.

4. Privacy is a human right, and Personally Identifiable Information (PII) should be strictly protected.

5. Crypto investors have the right to access exchanges that ensure fund security, safe custody, and comprehensive deposit insurance.

6. A healthy market should maintain robust liquidity levels to ensure a stable, low-friction trading environment.

7. Regulation and innovation are not inherently mutually exclusive. Crypto investors should have the right to safely access use cases of new technologies, including NFTs, stablecoins, yield farming, and more.

8. Bridging the information gap in the crypto space, users have the right to access accurate information about crypto assets without the fear of falling victim to misinformation or fraudulent advertisements.

9. Markets offering derivative trading tools should be subject to appropriate regulation to ensure that all users are qualified and all trades settle fairly.

10. Crypto regulation is inevitable, and users have the right to voice opinions on how the crypto industry will develop on their chosen blockchain platforms.

CZ: Building the Structure and Framework of Centralized Exchanges

Binance founder Changpeng Zhao (CZ) mentioned in an interview with CNBC that Binance is currently at a crucial turning point, needing to transition from a tech company to a financial services institution. He stated that while Binance operates in a decentralized manner, regulators are unsure how to handle this, hence Binance is now creating a "centralized structure":

We've been working on it for about five months. Clearly, centralized exchanges need a centralized structure, so we are working on setting up headquarters, branches, etc.

"We're at the pivotal point and we need to change from a technology company to a financial services company," – @cz_binance on @SquawkCNBCpic.twitter.com/j68TF0EyAx

— Binance (@binance) November 15, 2021

He emphasized that only about 5% of the population currently uses cryptocurrencies, and the rest may be more inclined to enter the crypto space if there is a regulatory framework in place. CZ strongly believes that regulation is helpful for the growth of the crypto industry.

He mentioned the departure of former Binance US CEO Brian Brooks, but also noted the addition of more former regulatory officials and government officials.

CZ believes that wealth is still concentrated in traditional institutions, and Binance's role is to act as a bridge between traditional finance and DeFi to strengthen the crypto industry. This means that Binance must obtain various compliance licenses and have a centralized structure. However, this does not mean that all crypto firms must move towards centralization. He agreed with the host that Binance has grown to a size that requires reasonable regulation.