Binance Joins Association of Certified Sanctions Specialists

Written by Joy Rice

Binance, the leading cryptocurrency exchange by daily trading volume, has announced that it has joined the Association of Certified Sanctions Specialists (ACSS), an organization that provides training and qualifications to sanctions compliance professionals working for global companies. This move is part of Binance’s ongoing efforts to improve its capabilities in the field of sanctions compliance and to set a high standard for security and compliance in the cryptocurrency industry.

As part of the certification process, all members of Binance’s sanctions team, as well as the leads in money laundering reporting, compliance operations, and special investigations, will be required to undergo training with the ACSS. This training will equip Binance’s team with the latest guidelines from the US Treasury Department’s Office of Foreign Assets Control (OFAC) on how to develop effective compliance programs and understand the risks of violations in various jurisdictions.

In a statement, Binance said that it will “leverage the training materials, comprehensive databases, and deep networks within ACSS to further enhance the skills and expertise of our team.” The exchange also pointed out that it is the first cryptocurrency exchange to become a member of the ACSS, which was founded in 2018.

Chagri Poyraz, Binance’s global head of sanctions, commented on the company’s decision to join the ACSS, saying, “The blockchain industry is still in its early years, and it’s our priority to continue upholding the highest level of compliance amid a fast-evolving space.” Poyraz emphasized that Binance is committed to being a leader in security and compliance in the industry.

The ACSS’s Executive Director, Saskia Rietbroek, also commented on Binance’s membership, stating that the organization is “an organization specializing in providing sanctions training for multinational corporations and financial institutions” and that it will “ensure the highest quality of training to the team at Binance in this dynamic sector and help advance compliance in the crypto industry.”

In addition to joining the ACSS, Binance has also taken a number of other steps to improve its regulatory compliance. In recent years, the exchange has increased the size of its compliance team to 750 members and has obtained licenses, approvals, or registrations to operate in 14 different jurisdictions, including France, Spain, Bahrain, Dubai, and Australia. Binance has also been actively engaged in joint initiatives with national authorities in new markets, such as offering support to Azerbaijan in its efforts to introduce regulations for digital assets and launching a blockchain education program in Kazakhstan after advising the government on cryptocurrency regulations.

The collapse of FTX, a major competitor of Binance that filed for bankruptcy protection in November 2022, has led to increased regulatory scrutiny of the cryptocurrency industry worldwide. In response to this increased scrutiny, Binance has demonstrated its commitment to compliance by, for example, limiting services for Russian residents and entities in accordance with EU sanctions imposed on Russia following the invasion of Ukraine. Overall, Binance’s decision to join the ACSS and its other efforts to improve regulatory compliance demonstrate the exchange’s commitment to operating in a responsible and transparent manner.

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