Binance has become one of the first cryptocurrency companies in the world to join the Association of Certified Sanctions Professionals, ACSS, in an effort to maintain compliance with global economic sanctions.
In an announcement on January 6, Binance said that its sanctions compliance team will undergo training as part of the ACSS certification process. According to the association’s website, it offers an exam that addresses “knowledge and skills common to all penal workers in diverse work environments.”
“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 create safety and compliance standards in the industry alongside other industry entities.”
# 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
#Binance joins the Association of Certified Sanctions Specialists (ACSS).
As the first cryptocurrency exchange to join the association, we intend to use ACSS training materials, databases and networks to advance compliance standards in the cryptocurrency industry.
– Binance (binance)
Poyraz told Cointelegraph in October that the exchange was abiding by multilateral sanctions on Russia in the wake of the invasion of Ukraine, but saw “room for improvement when it comes to clarity” regarding EU guidelines on cryptocurrencies. Reports indicated that Binance may have allowed users based in Iran to access certain services, in violation of US sanctions and, as a result, subject to scrutiny from the relevant authorities.
According to Binance, the ACSS training aims to prepare the exchange’s employees to operate in accordance with the guidelines of the US Treasury’s Office of Foreign Assets Control, and to keep them informed of potential breach risks. The exchange is one of the largest in the crypto space, and according to their website, they are available in more than 100 countries and meet different regulatory and licensing requirements.
Binance also joined the Chamber of Digital Commerce’s crypto lobby group in December as part of its efforts to advocate for regulatory clarity in the US. However, some global policymakers have been investigating the exchange for possible violations of sanctions and anti-money laundering laws.