training. The largest trading platform for digital assets joins a club of multinational corporations and financial institutions with this move as part of an effort to improve its capabilities in this area.
Cryptocurrency exchange Binance seeks additional sanctions training for compliance team
Binance is the top cryptocurrency exchange by daily trading volume and the Association of Joined Certified Sanctions Specialists (ACSS). It works to improve the qualifications of sanctions compliance professionals hired by global companies.
“We will leverage our training materials, comprehensive database, and deep network within ACSS to further enhance the skills and expertise of our team,” he said in a Binance announcement. rice field. He also pointed out that founded in 2018, he is the first cryptocurrency exchange among ACSS members.
As part of the certification process, all compliance specialists on Binance’s sanctions team and money laundering reporting required compliance operations, and special investigation leaders, to be trained at ACSS, the company said. explained.
Exchanges should follow the latest guidelines published by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on how to develop a compliance program and ensure that its professionals understand the risks of non-compliance. We expect to provide guidelines to the sanctions team. in various jurisdictions.
“The blockchain industry is still in its infancy and our priority is to continue to maintain the highest level of compliance in a rapidly evolving field,” said Global Sanctions Officer at Binance. commented his Chagri Poyraz. He emphasized that he hopes the company will continue to be one of the companies that set the standards for security and compliance in the industry.
“As an organization that specializes in providing sanctions training to multinational corporations and financial institutions, ACSS is committed to providing Binance’s team with the highest quality training in this dynamic sector, and the highest quality in the crypto industry. We will help promote compliance in the industry,” said Saskia Rietbroek, Executive Director of the Association.
Binance Continues to Focus on Regulatory Compliance
Over the past few years, Binance has focused on efforts to improve regulatory compliance, and by 2022 will expand its compliance team to his 750-member increased to The exchange is licensed, registered or authorized to operate in 14 different jurisdictions including France, Spain, Bahrain, Dubai and Australia.
Binance is also working on joint initiatives with national authorities in new markets. In December, it launched a blockchain education program in Kazakhstan after offering to assist Azerbaijan in its attempt to introduce regulation of digital assets and also providing advice on crypto regulation to the Kazakhstan government.
The collapse of Binance’s main competitor FTX, which filed for bankruptcy protection in November 2022, has increased regulatory scrutiny of the global crypto industry. Earlier last year, Binance complied with EU sanctions imposed on Russia following the invasion of Ukraine by restricting services to Russian residents and entities.
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