Binance Joins a Sanction Specialist Association to Further Established Guidelines In Crypto

Despite the bear market, Binance is one of the firms that has continued to build and make meaningful partnerships with firms and organizations. In its latest headline on partnerships, Binance joined the Association of Certified Sanctions Specialists (ACSS), which provides sanctions training for multinational corporations and financial institutions. 

Founded in 2018, the ACSS provides its members with necessary educational resources and benefits. The company is the first crypto exchange to formally join the association as part of its ongoing efforts to “strengthen its compliance capabilities,” according to a press release published earlier today.

Binance Team to Undergo Training With ACSS

As part of the certification process to be in charge of the compliance standards in crypto, the Binance sanctions team will undergo a training process with ACSS as the team will help in money laundering reporting, compliance operations, and special investigations leads within Binance and in the crypto industry.

According to the press release, the training program, which is a mandated process, will provide Binance’s sanctions team with the latest OFAC guidelines on developing sanctions compliance programs. ACSS will also help secure the team to keep abreast with sanctions commands and educate them on the risks of violations across multiple jurisdictions.

“By working closely with the ACSS, we will take our sanctions compliance standards to a level that is recognized by a reputable industry association and provide upskilling opportunities for our compliance team,” said Chagri Poyraz, Binance’s Global Head of Sanctions. Adding, “At the end of the day, we want to continue setting the industry standard for security and compliance alongside other industry players.”

Binance Expansion to Various Industries 

Notably, this is the exchange’s one of many collaborations and securing of partnerships with regulators and entities. In the past two years, the company has acquired regulatory licenses, registrations, and approvals in a total of 14 jurisdictions to date, including France, Spain, Bahrain, Dubai, and Australia. 

Last month, the crypto exchange set its foot in Japan with an acquisition deal of Sakura Exchange BitCoin (SEBC), a Japanese crypto exchange regulated by the country’s Financial Services Agency (FSA), putting Binance on the list of countries that have some amount of regulatory authorization in Japan.

Not only that, but the exchange had also been interested in investment for a while now. In December, the company’s venture capital firm, Binance Labs, made another mark in Web3 by revealing its plans to lead a funding round for GoPlus Security, a Web3 security startup.

Meanwhile, the exchange native token has also struggled to catch up with its blossoms. At the time of writing, BNB is currently trading at $248, up by over 5% in the last seven days after surviving a frightening FUD through December.