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Binance joins association to address compliance with global sanctions

January 6, 2023No Comments


Binance has become one of the first crypto companies to join the Association of Certified Sanctions Specialists, ACSS, in an effort to comply with global sanctions.

In a January 6 announcement, Binance saying your team of sanctions compliance staff would be receiving training as part of the ACSS certification process. According to the association's website, the group offered an exam that addressed "knowledge and skills common to all sanctions professionals in various work settings."

โ€œThe blockchain industry is still in its early years, and it is our priority to continue to maintain the highest level of compliance amidst a rapidly evolving space,โ€ Binance global head of sanctions Chagri Poyraz said. "At the end of the day, we want to continue to set the industry standard in security and compliance together with other industry players."

north wind told Cointelegraph in October that the exchange complied with multilateral sanctions against Russia following the country's invasion of Ukraine, but saw "room for improvement when it comes to clarity" in European Union guidelines on crypto. Reports have also suggested that Binance may have Iran-based users allowed access to certain services in violation of US sanctions, prompting scrutiny from officials.

According to Binance, the ACSS training will educate the exchange team on the US Treasury's Office of Foreign Assets Control guidelines and inform them of potential risks of violations. The exchange is one of the largest in the crypto space, and according to its website, it is available in more than 100 countries with varying licensing and regulatory requirements.

Related: The world has synced up on Russian crypto sanctions

Binance too joined crypto lobbying group Digital Chamber of Commerce in December as part of efforts to advocate for regulatory clarity in the United States. However, some global policymakers have reportedly pointed to exchange for possible violations of laws and sanctions against money laundering.