Mon 09 Jan 2023 ▪ 7:00am ▪
min read – from
Does the Binance exchange show its credentials? Everything suggests that this is indeed the case after his membership in the Association of Certified Sanctions Specialists (ACSS). Founded in 2018, it is the only organization in the world to bring together sanctions compliance professionals. Binance is therefore the first cryptocurrency exchange to officially join this association. He intends to use its many advantages to improve his skills and competences.
Binance and ACSS team up for a more compliant cryptocurrency industry
It was in a press release issued on January 6, 2023 that Binance announced its membership of the Association of Certified Sanctions Specialists (ACSS). Next, the exchange indicates that all sanctions team compliance personnel and money laundering reporting officers will be required to undergo training with CAHS. This information is part of the certification process. Likewise, professionals in compliance operations and investigations are also expected.
During these mandatory training sessions, the Binance Sanctions team will benefit from the best OFAC guidelines. This will enable the platform to develop sanctions compliance programs. Furthermore, the ACSS will also ensure the application of the sanctioning decrees as well as the respect of the principles of violation in different jurisdictions. Moreover, Chagri PoyrazBinance Global Head of Sanctions said:
“Working closely with CAHS, we will raise our sanctions compliance standards to a level recognized by a reputable industry association and provide development opportunities for our compliance team. Ultimately, we want to continue setting the industry standard for security and compliance alongside other industry players.”
Additionally, in 2022, the exchange’s compliance team grew from 500 to 750 people, demonstrating that regulatory compliance has been at the heart of the company’s concerns.
Finally, Saskia announces that it has obtained regulatory licenses, registrations and even approvals in 14 jurisdictions. Some of the most notable include France, Bahrain, Dubai, Australia and Spain.
Joining the Binance exchange to the ACSS is not trivial. In fact, it benefits from innumerable resources. These include training materials, comprehensive databases and extensive networks of associations. All of these resources will help it strengthen its compliance standards internally the cryptocurrency industry.
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PhD student in financial law and expert SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. He naturally participates thanks to his articles in the daily blockchain revolution for a better democratization of DeFi.