25. February 2024

Binance Joins ACSS, Leading the Way in Crypto Sanctions Compliance

Bullet Points:
– Binance has become the first crypto firm to join the Association of Certified Sanctions Specialists (ACSS).
– Binance’s team of sanctions compliance personnel will be undergoing training as part of the certification process.
– The move is part of Binance’s effort to stay in compliance with global sanctions.

Binance, one of the world’s leading crypto exchanges, has become the first crypto firm to join the Association of Certified Sanctions Specialists (ACSS). The move is part of Binance’s effort to stay in compliance with global sanctions.

In a Jan. 6 announcement, Binance said its team of sanctions compliance personnel will be undergoing training as part of the certification process at ACSS. According to the association’s website, the group offers an examination addressing “knowledge and skills common to all sanctions professionals in varied employment settings.”

Chagri Poyraz, Binance’s global head of sanctions, said: “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. At the end of the day, we want to continue setting the industry standard for security and compliance alongside other industry players.”

The move comes as Binance has come under scrutiny from policymakers amid multilateral sanctions on Russia and U.S. sanctions on Iran. Poyraz told Cointelegraph in October that the exchange was in compliance with multilateral sanctions on Russia following the country’s invasion of Ukraine but saw “room for improvement when it comes to clarity” in European Union guidelines on crypto. Reports have also suggested that Binance has been targeted by the U.S. Department of Treasury for allegedly violating sanctions.

In joining the ACSS, Binance hopes to leverage the group’s training materials, databases, and networks to further compliance standards within the crypto industry. Binance’s efforts to remain compliant with global regulations come at a critical time as the crypto industry continues to mature and gain more mainstream adoption.

With its move to join the ACSS, Binance is not only ensuring its own compliance with global sanctions but also helping to set the industry standard when it comes to security and compliance. The crypto exchange is leading the way in setting the example for other exchanges and crypto companies to follow.