Binance Joins Association of Certified Sanctions Specialists – Regulation Bitcoin News
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Cryptocurrency exchange Binance has become a member of an organization that provides sanctions compliance training. With the change, the largest trading platform for digital assets joins the club of multinational companies and financial institutions.
Crypto exchange Binance is seeking additional training for its compliance team
Binance, the leading cryptocurrency exchange by daily trading volume, has joined the Association of Certified Sanctions Specialists (ACSS), which aims to improve the qualifications of sanctions compliance professionals employed by global corporations.
“We leverage the training materials, comprehensive databases and deep networks at ACSS to further enhance the skills and expertise of our team,” Binance said in a statement. It also noted that it is the first crypto exchange among members of ACSS, which was founded in 2018.
As part of the certification process, all compliance specialists on Binance’s sanctions team, as well as the heads of money laundering reporting, compliance operations and special investigations, must undergo training with ACSS, the company explained.
The exchange expects the training to provide its enforcement team with the latest guidance from the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) on developing compliance programs and ensuring its experts understand the risks of breaches in different jurisdictions.
“The blockchain industry is still in its early years, and our priority is to continue to maintain the highest level of compliance in a rapidly evolving space,” commented Chagri Poyraz, Global Sanctions Director at Binance. He emphasized that the company wants to continue to be among the industry’s safety and compliance standards.
“ACSS is an organization specialized in sanctions training for multinational companies and financial institutions, which ensures the high quality of Binance team training in this dynamic sector and helps promote compliance in the crypto industry,” added Saskia, executive director of the association. Rietbroek.
Binance remains focused on regulatory compliance
Over the past couple of years, Binance has focused on improving regulatory compliance and in 2022 increased its compliance team to 750 members. The exchange is licensed, registered or authorized to operate in 14 different jurisdictions, including France, Spain, Bahrain, Dubai and Australia.
Binance has also participated in joint initiatives with national authorities in new markets. In December, it offered to support Azerbaijan in efforts to introduce digital asset regulations and launched a blockchain training program in Kazakhstan, after also offering the government advice on crypto regulations.
The collapse of Binance’s major rival FTX, which filed for bankruptcy protection in November 2022, led to increased scrutiny of the crypto industry around the world. Earlier last year, Binance complied with EU sanctions on Russia due to its occupation of Ukraine by restricting services to Russian residents and communities.
What do you think about Binance joining the Certified Sanctions Specialists Association? Share your thoughts on the topic in the comments section below.
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