• Binance has become the first crypto firm to join the Association of Certified Sanctions Specialists (ACSS), in order to stay in compliance with global sanctions.
• The team of sanctions compliance personnel at Binance will be undergoing training as part of the certification process at ACSS.
• The exchange’s global head of sanctions, Chagri Poyraz, said that it is their priority to uphold the highest level of compliance amid a fast-evolving space.
Binance, one of the leading crypto exchanges, has recently announced that it is joining the Association of Certified Sanctions Specialists (ACSS) in an effort to stay in compliance with global sanctions. The move comes at a time when the industry is facing increased scrutiny from policymakers, particularly in regards to multilateral sanctions on Russia and U.S. sanctions on Iran.
The ACSS is an organization that offers an examination to assess the knowledge and skills of those who work in the field of sanctions compliance. As part of the certification process, Binance’s team of sanctions compliance personnel will be undergoing training through ACSS. Chagri Poyraz, the exchange’s global head of sanctions, said in a statement that “it is our priority to continue upholding the highest level of compliance amid a fast-evolving space.”
The move by Binance to join the ACSS is a major step forward in the crypto industry’s commitment to compliance with global sanctions. The exchange has previously been in compliance with multilateral sanctions on Russia following the country’s invasion of Ukraine, but Poyraz has stated that there is still “room for improvement when it comes to clarity” in European Union guidelines on crypto. As such, the training and certification process provided by ACSS will help Binance and other crypto firms stay informed of the latest developments in the sanctions field.
In addition to joining the ACSS, Binance has also invested in setting up a team of experienced professionals to ensure compliance with global sanctions. The team includes Poyraz, who has a wealth of experience in the area, as well as other experts from the banking, finance, and legal sectors. The team works closely with the exchange’s internal compliance department, which monitors transactions and ensures that all business activities are compliant with the relevant regulations.
By joining the ACSS and investing in its compliance team, Binance is sending a clear message that it is committed to staying compliant with global sanctions. The move also highlights the exchange’s commitment to setting the industry standard for security and compliance, in addition to its commitment to protecting its users and the wider crypto industry.
