Binance is one of the first crypto companies to join the Association of Certified Sanctions Specialists, or ACSS for short, to comply with global sanctions.
In an announcement on Jan. 6, Binance said its team of sanctions compliance staff would be trained as part of the certification process at ACSS. According to the association’s website, the group offered an exam that addressed “knowledge and skills common to all sanctions professionals in various employment situations”.
“The blockchain industry is still in its infancy, and our priority is to continue to maintain the highest level of compliance in a rapidly evolving environment,” said Chagri Poyraz, Binance Global Sanctions Director. “Ultimately, 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 promote compliance standards within the crypto industry.https://t.co/uEOw147gke
— Binance (@binance) January 6, 2023
Poyraz told Cointelegraph in October that the exchange is complying with multilateral sanctions against Russia following the country’s invasion of Ukraine, but sees “room for improvement in terms of clarity” in European Union policies on crypto. Reports also suggest that Binance may have granted Iran-based users access to certain services in violation of United States sanctions, leading to a scrutiny by officials.
According to Binance, the ACSS training will educate the exchange’s team on policies from the U.S. Treasury Department’s Office of Foreign Assets Control and alert them to potential risks of violations. The exchange is one of the largest in the crypto space and is available in more than 100 countries with varying regulatory and licensing requirements, according to their website.
Related: The world braced itself for Russian crypto sanctions
Binance also joined crypto lobbying group Chamber of Digital Commerce in December to advocate for regulatory clarity in the United States. However, some global decision-makers have reportedly targeted the exchange for potential violations of anti-money laundering laws and sanctions.
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