In an attempt to remain in compliance with worldwide sanctions, Binance has joined the Association of Certified Sanctions Specialists, often known as ACSS. This makes Binance one of the first cryptocurrency companies to do so.
Binance said in a release made on January 6 that its team of individuals responsible for sanctions compliance will be participating in training at ACSS as part of the certification process. On the website of the organization, it is said that the group provided a test that addressed “knowledge and abilities common to all sanctions professionals in diverse job situations.”
Binance’s global head of sanctions, Chagri Poyraz, said that “the blockchain sector is still in its early years,” and that “it is our duty to continue keeping the highest degree of compliance despite a fast-evolving environment.” “At the end of the day, we want to continue establishing the industry standard with other industry participants in terms of security and compliance,”
In October, Poyraz stated to Cointelegraph that the exchange was in compliance with multilateral sanctions on Russia in response to the country’s invasion of Ukraine. However, he acknowledged that there was “room for improvement when it comes to clarity” in the guidelines that the European Union has established for cryptocurrencies. Reports have revealed that Binance may have enabled users located in Iran access to some services in contravention of the restrictions imposed by the United States. This has prompted authorities to investigate the matter further.
According to Binance, the purpose of the ACSS training is to educate the staff working for the exchange on the rules provided by the Office of Foreign Assets Control within the United States Treasury and to alert them of the possible dangers associated with violating those criteria. According to its website, the cryptocurrency exchange is one of the biggest in the crypto world. It is also accessible in more than one hundred countries, each of which has its own set of legal and licensing requirements.
As part of efforts to fight for regulatory clarification in the United States, Binance joined the cryptocurrency lobbying organization Chamber of Digital Commerce in December. This was done as part of the effort. On the other hand, according to recent reports, worldwide officials have targeted the exchange for possible breaches of anti-money laundering rules and penalties.
