With this move, which is part of efforts to improve its capabilities in this area, the largest digital asset exchange platform joins a club of multinationals and financial institutions.
Crypto-currency exchange Binance seeks additional sanctions training for its compliance team.
Binance, the leading crypto-currency exchange by 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 leverage CAHS’ training materials, comprehensive databases, and deep networks to enhance the skills and expertise of our team “, Binance said in a statement. It also noted that it is the first crypto-currency exchange among ACSS members, which was established in 2018.
As part of the certification process, all compliance specialists on Binance’s sanctions team, as well as those responsible for money laundering reporting, compliance operations and special investigations, will be required to undergo training with the ACSS, the company said.
The exchange expects the training will familiarize its sanctions team with the latest guidance issued by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on how to develop compliance programs and ensure its experts understand the risks of violations in various jurisdictions.
“The blockchain industry is still in its infancy, and it is our priority to continue to maintain the highest level of compliance in the midst of a rapidly evolving space“, commented Chagri Poyraz, global head of sanctions at Binance. He stressed that the company wants to continue to be among those setting the standard for security and compliance in the industry.
” ACSS, as an organization specializing in sanctions training for multinationals and financial institutions, will provide the highest quality of training to the Binance team in this dynamic industry and help advance compliance in the crypto industry “, added the association’s executive director, Saskia Rietbroek.
Binance maintains focus on regulatory compliance
Over the past two years, Binance has focused 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 also engaged in joint initiatives with national authorities in new markets. In December, it offered to support Azerbaijan in its attempts to introduce regulations for digital assets and launched a blockchain education program in Kazakhstan after offering advice on crypto regulations to its government, as well.
The collapse of FTX, a major competitor to Binance that filed for bankruptcy protection in November 2022, has led to increased regulatory scrutiny of the crypto industry worldwide. Early last year, Binance complied with EU sanctions imposed on Russia following the invasion of Ukraine by limiting services for Russian residents and entities.