Fun

Binance Joins Association of Certified Sanctions Specialists

News Feed - 2023-01-09 09:01:24

Binance Joins Association of Certified Sanctions Specialists


Cryptocurrency exchange Binance has become a member of an organization providing training for sanctions compliance. With the move, part of efforts to improve its capabilities in this field, the largest trading platform for digital assets joins a club of multinational corporations and financial institutions. Crypto Exchange Binance Seeks Additional Sanctions Training for Its Compliance Team


Binance, the leading cryptocurrency exchange in terms of daily trading volume, has joined the Association of Certified Sanctions Specialists (ACSS) which works to improve the qualification of sanctions compliance professionals employed by global companies.


“We will be leveraging the training materials, comprehensive databases, and deep networks within ACSS to further enhance the skills and expertise of our team,” Binance said in an announcement. It also pointed out that it’s the first crypto exchange among the members of ACSS, which was established in 2018.


As part of the certification process, all compliance specialists on Binance’s sanctions team as well as the money laundering reporting, compliance operations, and special investigations leads will be required to undergo training with the ACSS, the company explained.


The exchange expects the training to equip its sanctions team with the latest guidelines issued by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on how to develop compliance programs and ensure that its experts understand the risks of violations in various jurisdictions.


“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,” commented Chagri Poyraz, Binance’s global head of sanctions. He emphasized that the company wants to continue to be among those that set the standard for security and compliance in the industry.


“ACSS, as an organization specializing in providing sanctions training for multinational corporations and financial institutions, will ensure the highest quality of training to the team at Binance in this dynamic sector and help advance compliance in the crypto industry,” added the association’s Executive Director Saskia Rietbroek. Binance Maintains Focus on Regulatory Compliance


In the past couple of years, Binance has been focusing on efforts to improve regulatory compliance and in 2022 increased its compliance team to 750 members. The exchange has been licensed, registered or obtained approvals to operate in 14 different jurisdictions, including France, Spain, Bahrain, Dubai, and Australia, the exchange detailed.


Binance has been also engaged in joint initiatives with national authorities in new markets. In December, it offered to support Azerbaijan in attempts to introduce regulations for digital assets and launched a blockchain education program in Kazakhstan after offering advice on crypto regulations to its government, too.


The collapse of FTX, a major competitor of Binance which filed for bankruptcy protection in Nov. 2022, led to increased regulatory scrutiny over the crypto industry around the world. Earlier last year, Binance complied with EU sanctions imposed on Russia following the invasion of Ukraine by limiting services for Russian residents and entities. Tags in this story ACSS, association, Binance, Compliance, Crypto, crypto exchange, Cryptocurrencies, Cryptocurrency, Exchange, Organization, Regulation, Regulations, Sanctions, sanctions specialists, trading platform, training


What do you think about Binance joining the Association of Certified Sanctions Specialists? Share your thoughts on the subject in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Bank of France Governor Calls for Mandatory Licensing for Crypto Companies REGULATION | 2 days ago Jim Cramer Expects SEC to "Do a Roundup" of Uncompliant Crypto Firms — Urges Investors to Get Out of Crypto Now REGULATION | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, NTON ZUBCHEVSKYI / Shutterstock.com Previous articleAirtm Winds Down Cryptocurrency Trading, Exchanges All Funds to Native Stablecoin Next articleBitcoin, Ethereum Technical Analysis: BTC Climbs Back Above $17K, Hitting 3-Week High Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItArgentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments


The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Analyst Says if Silver Dips Below $18, Precious Metal Could ‘Get Absolutely Smoked’ — Morgan Report Founder Expects a Supply Crunch
Analyst Says if Silver Dips Below $18, Precious Metal Could "Get Absolutely Smoked" — Morgan Report Founder Expects a Supply Crunch While gold’s been teetering along at ju
Brian Quarmby8 hours agoSEC reportedly won’t appeal court decision on Grayscale Bitcoin ETFIf true, the SEC will need to review and decide on Grayscale’s spot Bitcoin ETF application. If denied, Grayscale could appea
Marcel Pechman3 hours agoEthereum futures premium hits 1-year high — Will ETH price follow?ETH rallied alongside Bitcoin as new spot ETF news emerged, and the altcoin could benefit from the failure of its layer-1 compe
Colombia Issues Guide for Implementing Blockchain for Public Projects in the Country
Colombia Issues Guide for Implementing Blockchain for Public Projects in the Country The Ministry of Information Technologies and Communications of Colombia, Mintic, has issued a g
Binance Expects to Pay Fines to Settle With US Regulators for Past Conduct: Report
Binance Expects to Pay Fines to Settle With US Regulators for Past Conduct: Report Crypto exchange Binance expects to pay fines to U.S. authorities to settle regulatory and law-enf
European Union’s MiCA Proposal Progresses to Trilogue Stage Without Bitcoin Ban Provision
European Union’s MiCA Proposal Progresses to Trilogue Stage Without Bitcoin Ban Provision The Markets in Crypto Assets (MiCA) regulatory package passed another potential hurdle t
Laos to Study Digital Currency With Help From Japanese Fintech, Report Reveals
Laos to Study Digital Currency With Help From Japanese Fintech, Report Reveals The central bank of Laos intends to explore issuing its own digital currency, according to a media re
AI token prices soar: Is it all hype, or is there real potential?
Shiraz Jagati10 hours agoAI token prices soar: Is it all hype, or is there real potential?With several AI tokens registering triple digital growth in 2024, observers are questioning whether many of these projects have me
The First Rewards Card for the Web3 World by The Crypto Card Club
The First Rewards Card for the Web3 World by The Crypto Card Club press release PRESS RELEASE.An emerging NFT company, The Crypto Card Club, has developed an innovative system that
Brazilian Tax Authority Numbers Reveal Cryptocurrency Market Recovery in January
Brazilian Tax Authority Numbers Reveal Cryptocurrency Market Recovery in January Numbers from the Brazilian tax authority indicate that the cryptocurrency market experienced a resu
Huobi Japan Raises $4.6 Million From Tokyo-Listed Financial Services Firm
Huobi Japan has received almost 500 million yen ($4.6 million) in investment from a Tokyo-listed company involved in leasing, real estate, insurance brokerage and mergers and acquisitions.
Shiba Inu Price Gearing Up To Fly After Lows, Here’s The Target
Este artículo también está disponible en español. Recent technical analysis suggests that the Shiba Inu price may be preparing for a bullish rally, as the second-largest