Cryptocurrency exchange Binance has become a member of a sanctions compliance training organization. With the move, the largest trading platform for digital assets joins the club of multinational corporations and financial institutions as part of efforts to improve its capabilities in this area.
Crypto Exchange Binance Seeks Additional Sanctions Training for Compliance Team
Binance, the leading cryptocurrency exchange by daily trading volume, has joined the Association of Certified Sanctions Specialists (ACSS), which works to advance the qualifications of sanctions compliance professionals employed by global companies.
“We will leverage 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. He also pointed out that it was the first crypto exchange among ACSS members, founded in 2018.
As part of the certification process, all compliance professionals in Binance’s sanctions team, including heads of money laundering reporting, compliance operations and special investigations, must be trained with ACSS, the company explained.
The exchange expects the training to equip its sanctions team with the latest guidance from the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on how to develop compliance programs and ensure its experts understand the risks of violations in various jurisdictions.
“The blockchain industry is still in its early years, and it is our priority to continue to maintain the highest level of compliance in a rapidly evolving space,” said Cagri Poyraz, head of global sanctions at Binance. He emphasized that the company wants to continue to be among the safety and compliance standard setters in the industry.
“ACSS, as an organization specializing in providing sanctions training for multinational corporations and financial institutions, will provide the Binance team with the highest quality training in this dynamic sector and help develop compliance in the crypto industry,” added Saskia, executive director of the association. Rietbroek.
Binance Keeps Main Focus on Regulatory Compliance
In the past few years, Binance has focused on efforts to improve regulatory compliance, and in 2022, it expanded its compliance team to 750 members. The exchange is licensed, registered or approved to operate in 14 different jurisdictions, including France, Spain, Bahrain, Dubai and Australia.
Binance has also engaged in joint initiatives with national authorities in new markets. In December, he offered to support Azerbaijan in its efforts to introduce regulations for digital assets and launched a blockchain education program in Kazakhstan after advising its government on cryptocurrency regulations.
The bankruptcy of Binance’s main competitor, FTX, which filed for bankruptcy protection in November 2022, has led to increased regulatory scrutiny of the cryptocurrency industry worldwide. Earlier last year, Binance complied with EU sanctions imposed on Russia following its intervention in Ukraine, restricting services to Russian residents and institutions.
What do you think about Binance joining the Association of Certified Sanctions Professionals? Share your thoughts on the topic in the comment section below.
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