Binance, a leading cryptocurrency exchange, announced yesterday that it had become a member of the Association of Certified Sanctions Specialists (ACSS), a global organization that brings together professionals specializing in sanctions compliance.
“Binance is the first crypto exchange to formally join the association.”The ACSS is a global organization for sanctions professionals, and it promotes compliance by supporting the development of its members. Companies and governments use the ACSS to help with sanctions compliance.
The world’s largest exchange has emphasized regulatory compliance in the past two years, and its compliance team has grown from 500 to 750 people. In addition, the exchange has obtained licenses, registrations, and approvals in 14 countries, including France, Dubai, Australia, and others.
Binance has received DASP registration from AMF in France, DASP registration from OAM in Italy, Virtual Asset Services Provider registration from the Bank of Spain in Spain, and Class 3 CASP registration from CySEC in Cyprus and many others.
Binance To Enhance Team With ACSS Training
Binance will use ACSS resources to improve its team’s abilities. To be certified, the exchange’s sanctions team and professionals in charge of money laundering reporting, compliance operations, and special investigations must complete ACSS training, according to the press statement.
ACSS will train the exchange’s sanctions team on the latest OFAC guidelines for creating sanctions compliance programs. ACSS will also help the team stay updated on sanctions laws and understand the risks of violations in various countries.
Binance’s Global Head of Sanctions, Chagri Poyraz, said:
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.
Poyraz further stated that they, together with other market participants, want to maintain the industry standard for security and compliance.
ACSS Executive Director Saskia Rietbroek said they are honored to be selected by Binance, a global leader in blockchain and cryptocurrency infrastructure.
Rietbroek said that ACSS would provide high-quality training to Binance’s team in this rapidly evolving industry and contribute to improved compliance in the crypto industry.
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