Binance Leaving No Stone Unturned
Binance seems to be doing whatever it takes to avoid the eventual fate of its archrival crypto firm, FTX, which no longer exists now.
In its latest efforts, Binance has become a member of the Association of Certified Sanctions Specialists (ACSS).
ACSS is a special-purpose association established for improving the qualifications of professionals in sanction compliance, who are then hired globally by corporate entities.
Binance has made an announcement in which it has revealed becoming one of the members of the panel of ACSS.
Leading crypto trading corporate, Binance, stated that the firm would ensure its healthy and meaningful participation in furthering the objectives of ACSS.
It also announced that it would be providing an exclusive database and state-of-the-art training materials to ACS.
This would help the Association in improving the qualifications and expertise of the sanction professionals and specialists, claimed Binance.
The firm also claimed that Binance is the first crypto platform that has become a member of the Association since its launch. (ACSS was established in 2018 and since then had been playing a crucial role in the compliance sector).
Compliance Specialists at Binance
Binance houses a large number of compliance sanction professionals who are divided into various teams.
For instance, there are three major types of compliance specialists in Binance namely regulatory compliance operations, investigations, money laundering, etc.
It has been proposed by Binance that all of its compliance sanction specialists shall undertake ACSS training programs from time to time.
The firm aims at equipping its compliance sanction teams to strictly ensure compliance with the directives issued by the regulators.
In particular, Binance has referred to compliance with the Office of Foreign Assets Control (FAC), a special office under the US Treasury.
It is true that Binance had been facing multiple challenges in initiating sound and effective compliance programs.
Binance hence wanted to train its compliance specialists for determining risks stemming from non-compliance with the guidelines of multiple regional regulators.
It was in this background that Binance had a long wish to become part of the Association.
Upholding and Encouraging Compliance Is Binance’s Duty
Chagri Poyraz, the man in charge of Binance’s compliance globally, said that the blockchain industry is still in its infancy.
He then opined that without compromising the industry’s evolution, it is the duty of Binance and others alike to uphold and encourage compliance.
Poyraz claimed that Binance is always at forefront of setting up standards, be it the compliance industry or an industry concerning security.
Missing Link Found
Saskia Reitbroek, ACSS’s ED, said that ACSS had been helping multinational institutions/corporates in ensuring a high level of compliance through professional training.
Reitbroek stated that Binance’s induction into the Association would immensely benefit the association in achieving targets and in the delivery of quality training.
Association’s ED also appreciated that Binance’s induction has filled the vacuum of a dynamic entity that ACSS was missing since its inception.
Binance’s Compliance Issues
Since past many years, Binance had been putting extra focus on the compliance sector. However, the firm’s efforts had been boosted at the default of crypto trading pioneer, FTX in 2022.
FTX was a centralized crypto trading platform like Binance and both offered similar services in many jurisdictions of the world.
In 2022, when FTX was drawing the attention of worldwide regulators, Binance was increasing its compliance specialists on the other hand.
Currently, there are more than 750 compliance specialists in Binance who are looking after the firm’s compliance issues.
On the other hand, Binance’s services are available in over 140 countries and it has established its physical presence in 14 countries.
Binance is directly answerable to compliance regulators of Canada, South Africa, Australia, France, Dubai, Sweden, Bahrain, Spain, Kazakhstan, etc. amongst others.
The firm had been warned by multiple regulators in various countries. For instance, Japan, the UK, and the US had not only warned but also banned Binance’s services in their countries over accusations of non-compliance.