Cryptocurrency exchange Binance has become a member of an organization providing training for sanctions compliance. With the move, part of efforts to improve its capabilities in this field, the largest trading platform for digital assets joins a club of multinational corporations and financial institutions.
Crypto Exchange Binance Seeks Additional Sanctions Training for Its Compliance Team
Binance, the leading cryptocurrency exchange in terms of daily trading volume, has joined the Association of Certified Sanctions Specialists (ACSS) which works to improve the qualification of sanctions compliance professionals employed by global companies.
“We will be leveraging the training materials, comprehensive databases, and deep networks within ACSS to further enhance the skills and expertise of our team,” Binance said in an announcement. It also pointed out that it’s the first crypto exchange among the members of ACSS, which was established in 2018.
As part of the certification process, all compliance specialists on Binance’s sanctions team as well as the money laundering reporting, compliance operations, and special investigations leads will be required to undergo training with the ACSS, the company explained.
The exchange expects the training to equip its sanctions team with the latest guidelines issued by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on how to develop compliance programs and ensure that its experts understand the risks of violations in various jurisdictions.
“The blockchain industry is still in its early years, and it’s our priority to continue upholding the highest level of compliance amid a fast-evolving space,” commented Chagri Poyraz, Binance’s global head of sanctions. He emphasized that the company wants to continue to be among those that set the standard for security and compliance in the industry.
“ACSS, as an organization specializing in providing sanctions training for multinational corporations and financial institutions, will ensure the highest quality of training to the team at Binance in this dynamic sector and help advance compliance in the crypto industry,” added the association’s Executive Director Saskia Rietbroek.
Binance Maintains Focus on Regulatory Compliance
In the past couple of years, Binance has been focusing on efforts to improve regulatory compliance and in 2022 increased its compliance team to 750 members. The exchange has been licensed, registered or obtained approvals to operate in 14 different jurisdictions, including France, Spain, Bahrain, Dubai, and Australia, the exchange detailed.
Binance has been also engaged in joint initiatives with national authorities in new markets. In December, it offered to support Azerbaijan in attempts to introduce regulations for digital assets and launched a blockchain education program in Kazakhstan after offering advice on crypto regulations to its government, too.
The collapse of FTX, a major competitor of Binance which filed for bankruptcy protection in Nov. 2022, led to increased regulatory scrutiny over the crypto industry around the world. Earlier last year, Binance complied with EU sanctions imposed on Russia following the invasion of Ukraine by limiting services for Russian residents and entities.
What do you think about Binance joining the Association of Certified Sanctions Specialists? Share your thoughts on the subject in the comments section below.
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