Binance has become one of the first cryptocurrency companies to join the Association of Certified Sanctions Professionals, or ACSS, in an effort to maintain compliance with global sanctions.
In the January 6 announcement, Binance said that its sanctions compliance team will undergo training as part of the ACSS certification process. According to the association’s website, the group provided an exam that addresses “knowledge and skills common to all punishment professionals in diverse work settings.”
“The blockchain industry is still in its infancy and it is our priority to continue to maintain the highest level of compliance in a rapidly evolving space,” said Chagri Poiraz, Global Head of Sanctions at Binance. “Ultimately, we want to continue to set industry standards for security and compliance alongside other players in this space.”
# Finance Join 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 in the crypto industry.
– Binance (binance) January 6, 2023
Poiraz said in October that the exchange was compliant with multilateral sanctions on Russia in the wake of the country’s invasion of Ukraine, but that it saw “room for improvement when it comes to clarity” in EU guidelines on digital currencies. Reports also indicated that Binance may have allowed users based in Iran to access certain services in violation of US sanctions, drawing scrutiny from the authorities.
According to Binance, the ACSS training will educate exchange employees about the US Treasury’s Office of Foreign Assets Control guidelines and inform them of potential risks of breaches. The exchange is one of the largest in the crypto space, and according to their website, they are available in more than 100 countries with different regulatory and licensing requirements.
Binance also joined the Chamber of Digital Commerce’s crypto lobby group in December as part of efforts advocating for regulatory clarity in the US. However, some global policymakers have identified the exchange as a target for potential violations of anti-money laundering laws and penalties.
By Turner Wright / Cointelegraph