Binance Joined a Union to Indicate Its Compliance With Global Sanctions

The crypto exchange has been scrutinized by politicians due to the multilateral sanctions imposed by the US government against Russia and Iran.

Binance and Its Compliance with Global Sanctions

Binance has become one of the first crypto companies to join the Association of Certified Enforcement Professionals (ACSS) to signify its compliance with world sanctions. In a statement made on January 6, Binance stated that the sanctions compliance team will undergo a certified training process in ACSS. According to the information published on the official website of the Association, the training process in question was organized in order to measure the knowledge and skills that all sanctions specialists should have.

Binance’s Priority

Chagri Poyraz, head of global enforcement at Binance, said: “Blockchain technology is still in its early stages, so our priority is to keep the highest level of adaptability to the fast-developing and changing space. Anyway, we want to continue to set the standards of the industry together with other companies in the sector.”

In another statement, Poyraz told Cointelegraph in October that the exchange operates in full compliance with multilateral sanctions imposed against Russia following its invasion of Ukraine, but he said that he sees ‘an area that can be improved’ when it comes to clarity in the European Union’s cryptocurrency guidelines. However, according to some reports, Binance may have given Iranian users access to services that violate US sanctions laws, and this incident attracted the attention of many officials.

The Main Goal of ACSS Training

According to Binance, the main purpose of the ACSS training is to inform the exchange’s employees about the Foreign Assets Control Office’s guidelines and inform them about possible breach risks. As we know, the Binance exchange is one of the largest in the crypto space and, according to the data on the website, is used in more than 100 countries

In addition, Binance joined the Digital Chamber of Commerce in December to advocate for regulatory clarity in the US. But it should be mentioned that there is also information claiming that some world politicians have targeted the stock market for violations of anti-money laundering laws and sanctions.

Source

https://cointelegraph.com/news/

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