Binance was wrong to boot Monero, ZCash and other privacy coins
2 min read
The crypto industry is still in its early stages, and it’s crucial to establish a balanced regulatory environment that respects users’ privacy while also deterring and punishing illegal activities. Overly restrictive regulations could stifle innovation and discourage new users from joining the crypto space. On the other hand, a complete lack of regulation could make the crypto space a haven for illegal activities.
Privacy is a fundamental human right and an essential aspect of the crypto ecosystem. Regulatory bodies and crypto organizations should work together to create a regulatory environment that respects and protects user privacy while also ensuring compliance with laws and regulations. This will ensure the long-term sustainability and growth of the crypto industry.
Binance should retract its misguided delisting of privacy coins, take a better view of its actual compliance requirements in EU countries, and, even more than that, get active in advocating against the EU’s consideration of a future privacy ban. Privacy will become increasingly important in crypto, and Binance and other exchanges will be left behind if they don’t take privacy coins and privacy tools seriously.
J.W. Verret is an associate professor at George Mason University’s Antonin Scalia Law School. He is a practicing crypto forensic accountant and also practices securities law at Lawrence Law LLC. He is a member of the Financial Accounting Standards Board’s Advisory Council and a former member of the SEC Investor Advisory Committee. He also leads the Crypto Freedom Lab, a think tank fighting for policy change to preserve freedom and privacy for crypto developers and users.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
