Binance has become one of the first cryptocurrency companies to join the Association of Certified Sanctions Specialists, ACSS, in an effort to comply with global sanctions.
In a January 6 announcement, Binance said that its team of sanctions compliance personnel would receive training as part of the ACSS certification process. According to the association’s website, the group offered an exam addressing “knowledge and skills common to all sanctions professionals in various employment settings.”
“The blockchain industry is still in its early years, and it is our priority to continue to maintain the highest level of compliance in the midst of a rapidly evolving space”Binance global head of sanctions Chagri Poyraz said. “At the end of the day, we want to continue to set the industry standard for security and compliance together with other industry players.”
#Binance joins the Association of Certified Sanctions Specialists (ACSS).
As the first crypto exchange to join the association, we aim to leverage ACSS training materials, databases, and networks to further compliance standards within the crypto industry. https://t.co/uEOw147gke
—Binance (@binance) January 6, 2023
Binance joins the Association of Certified Sanctions Specialists (ACSS).
As the first cryptocurrency exchange to join the association, our goal is to leverage ACSS training materials, databases, and networks to improve compliance standards within the cryptocurrency industry.
In October, Poyraz told Cointelegraph that the exchange was in compliance with multilateral sanctions imposed on Russia following the invasion of Ukraine, but that he saw “room for improvement when it comes to clarity” of the European Union’s cryptocurrency guidelines. Reports have also suggested that Binance may have allowed Iran-based users access to certain services in violation of US sanctions, drawing scrutiny from officials.
According to Binance, the ACSS formation will instruct the exchange team on US Treasury Office of Foreign Assets Control guidelines and inform them of potential violation risks. The exchange is one of the largest in the cryptocurrency industry and, according to its website, is available in more than 100 countries with varying regulatory and licensing requirements.
Binance also joined the Digital Chamber of Commerce cryptocurrency lobby group in December as part of efforts to advocate for regulatory clarity in the United States. However, some global policymakers have singled out the exchange for possible violations of anti-money laundering laws and sanctions.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.