Binance comes up with the Association of Certified Sanctions Specialists - Regulation
Binance comes up with the Association of Certified Sanctions Specialists - Regulation
The cryptocurrency exchange Binance has become a member of an organization that offers training courses to comply with sanctions. With this step, which is part of the efforts to improve its skills in this area, the largest trading platform for digital assets takes a club of multinational companies and financial institutions.
Crypto Exchange Binance tries to add additional training to sanctions for his compliance team
Binance, the leading cryptocurrency exchange in relation to the daily trading volume, has joined the Association of Certified Sanctions Specialist (ACSS) that is working to improve the qualification of experts for compliance with sanctions that are employed by global companies.
"We will use the training materials, comprehensive databases and deep networks within ACSS to further improve the skills and expertise of our team," said Binance in an announcement. It also pointed out that it was the first crypto exchange among the members of ACSS, which was founded in 2018.
As part of the certification process, all compliance specialists from Binance sanction team as well as the heads of money laundering, compliance operations and special investigations have to complete training at the ACSS.
The stock exchange expects the training to provide their sanction team with the latest guidelines of the Office of Foreign Assets Control (OFAC) of the US Ministry of Finance to develop compliance programs and ensure that their experts understand the risks of violations in various jurisdiction.
"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 developing environment," commented Chagri Poyaz, global director of the sanction department of Binance. He emphasized that the company continues to be one of those who set the standard for security and compliance in the industry.
"ACSS, as an organization that specializes in providing training for sanctions for multinational companies and financial institutions, Binance will guarantee the highest training quality in this dynamic sector and help to advance the compliance in the crypto industry," added Saskia, Executor of the Association, Rietbroek.
Binance continues to focus on compliance with legal regulations
In recent years, Binance has focused on the efforts to improve compliance with legal regulations and in 2022 its compliance team increased to 750 members. The exchange has been made licenses , entered or received approvals to be active in 14 different jurisdictions, including France, Spain, Bahrain, Dubai and Australia, so the stock exchange in detail.
Binance also participated in joint initiatives with national authorities in new markets. In December it is offered to support regulations for digital assets and started a blockchain training program in Kazachertstan according to the offer rat also to his government.
The collapse of FTX, a great competitor of Binance, the filed for insolvency protection in November 2022 led to an increased official control of the crypto industry around the world. At the beginning of last year, Binance with fulfilled EU sanctions against Russia after the invasion of Ukraine by Company.
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