In an effort to adhere to international standards, Binance has joined the Association of Certified Sanctions Specialists, or ACSS, as one of the first cryptocurrency companies to do so.
In a statement on Jan. 6, Binance stated that its staff members responsible for sanctions compliance will attend training as part of the ACSS certification procedure. The organization issued a test covering "information and abilities common to all sanctions professionals in diverse job situations," according to the association's website.
“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,”
says Binance’s global head of sanctions, Chagri Poyraz, he added;
“At the end of the day, we want to continue setting the industry standard for security and compliance alongside other industry players.”
#Binance joins the Association of Certified Sanctions Specialists (ACSS).
— Binance (@binance) January 6, 2023
As the first crypto exchange to join the association, we aim to leverage ACSS training materials, databases, and networks to further compliance standards within the crypto industry.https://t.co/uEOw147gke
In response to Russia's invasion of Ukraine, Poyraz told Cointelegraph in October that the exchange complied with international sanctions against Russia, but noted that there was "room for improvement when it comes to clarity" in the European Union's crypto regulations. Additionally, according to reports, Binance may have disregarded US restrictions by providing access to some services to users in Iran. This has drawn the attention of authorities.
The ACSS training, according to Binance, will instruct the exchange's staff on U.S. regulations. Foreign Assets Control Office of the Treasury and alert them to any possible risks of violations. According to its website, the exchange, one of the biggest in the cryptocurrency industry, is accessible in more than 100 countries and has a variety of licenses and regulatory criteria.
Binance also become a member of the crypto lobbying group Chamber of Digital Commerce in December as part of its campaign to support American regulatory clarity. The exchange, however, has apparently come under scrutiny from certain international officials for alleged transgressions of sanctions and anti-money laundering legislation.
