Binance, the global blockchain ecosystem behind the world's largest digital asset exchange, announced over the weekend that it had joined the Association of Certified Sanctions Specialists (ACSS), the world's only organization bringing together sanctions compliance professionals.
In its press release, Binance revealed that ACSS, established in 2018, provides high-quality education and benefits to its members. Binance has also set the record as the first crypto exchange to formally join the association.
The cryptocurrency exchange said it would take advantage of the training materials, comprehensive databases, and deep networks within ACSS to further enhance the skills and expertise of its team. Furthermore, all compliance professionals on the sanctions team, as well as money laundering reporting, compliance operations, and special investigations leads within Binance, will be required to undergo training with ACSS as part of the certification process.
The training sessions will be crucial to equipping the cryptocurrency exchange’s team with the latest OFAC guidelines on developing sanctions compliance programs. The association will also help ensure that the Binance compliance team keeps up with sanctions edicts and understands the risks of violations across multiple jurisdictions.
While commenting on this latest development, 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. By working closely with the ACSS, we will take our sanctions compliance standards to a level that is recognized by a reputable industry association and provide upskilling opportunities for our compliance team. At the end of the day, we want to continue setting the industry standard for security and compliance alongside other industry players."
ACSS Executive Director Saskia Rietbroek added that:
"We are proud to have been chosen by Binance, a world leader in the blockchain ecosystem and cryptocurrency infrastructure. 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."
In the last two years, Binance has increased its focus on regulatory compliance. Last year, the leading cryptocurrency exchange grew its compliance team from 500 to 750 people globally. This is part of the company’s ongoing efforts to strengthen its compliance capabilities.
In recent years, Binance has Binance has secured regulatory licenses, registrations, and approvals in a total of 14 jurisdictions to date, including France, Spain, Bahrain, Dubai, and Australia.
Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume.
Binance has been expanding its presence in the cryptocurrency space in recent months. More positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.
The Association of Certiﬁed Sanctions Specialists (ACSS) is a professional membership body for sanctions professionals worldwide. It was formed to advance sanctions compliance by supporting the professional development of the individuals who lead those eﬀorts.