Cryptocurrency exchange Binance released a new ad campaign called ‘Crypto is Evil’ on November 16 in an attempt to call for global regulatory frameworks for crypto markets. The ad also featured the 10 Fundamental Rights for Crypto Users.
The scope of 10 Fundamental Rights for Crypto Users went over both sides of the spectrum, discussing the rights of crypto traders and regulators alike. Moreover, it aims to guide discussions with regulators, policymakers and other exchanges.
‘The customer rights, as described in a series of advertisements published today globally, are meant to ensure safe access to emerging technologies, liquidity, and secure platforms among other steps to protect users without limiting growth and innovation,’ the crypto exchange detailed.
Binance CEO Changpeng ‘CZ’ Zhao also discussed the importance of global regulatory measures. CZ believes that the overall campaign also has the potential to invite more people to learn more about crypto and potentially get into the market themselves.
‘Regulation and innovation are not mutually exclusive. We want 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 that, most importantly, protects users and spurs innovation,’ he commented.
The campaign was launched with the help of the Financial Times and was published both in digital and print form. Upon hitting the shelves, the ads garnered positive feedback from crypto users and experts all over the world. Major news outlets such as the New York Times and the Washington Post also published the ad in their daily paper.
Wall Street experts compare Binance’s call for regulation to the strategy companies in other disruptive industries have followed.
‘They’re doing what Uber and Lyft did,’ technology strategist Gil Luria commented. ‘Build a business ahead of regulations. When it gets to a certain scale, acknowledge that regulation will be helpful and then help shape it.’
This was confirmed by CZ who shared that ‘in a regulated industry, the few larger players will remain.’
Cryptocurrency has yet to acquire a fully positive reputation from regulators worldwide. Places like China, Indonesia, and Egypt among many others have completely banned the use of cryptocurrency.
On the other hand, countless other countries have poor regulatory frameworks, causing the markets to suffer and allowing more space for illegal crypto mining and trading practices to run rampant.
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