Binance, the largest blockchain and cryptocurrency exchange in the world, has called for a global regulatory framework for crypto markets.
Chief executive Changpeng Zhao made the call as the Cayman Islands-based company launched associated adverts in major newspapers designed to help provide “a guiding hand in regulatory discussions and development of global frameworks for crypto markets”.
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The ad, which features in today’s Financial Times and New York Times, is entitled ‘crypto is evil’ and includes ‘10 fundamental rights for crypto users’.
Zhao said, “the future of crypto needs to be user-focused,” and that the rights of customers “are meant to ensure safe access to emerging technologies, liquidity, and secure platforms among other steps to protect users without limiting growth and innovation”.
Numerous worldwide regulators, including those in the UK, Hong Kong, South Africa and Canada, have banned Binance from operating or expressed regulatory controls.
In June, the UK’s Financial Conduct Authority (FCA) blocked the firm from conducting any "regulated activity" in the country and required it to warn UK users on its website and app that it is not authorised to operate in the country.
US authorities are also investigating the company for suspected market manipulation and insider trading, according to Bitcoin.com.
Since then, Binance has laid out its intentions “to do everything possible as an industry to work with regulators and world leaders to identify what is going to be the effective regulatory policy,” responded Zhao.
The company, which has looked to hire ex-regulators as part of efforts to clean up its act, said it hopes its ad campaign will contribute to initiating “more productive conversations with… other exchanges, blockchain innovators, and policymakers” to progress the regulation process in a “smart” way.