In light of international sanctions against Russia and U.S. sanctions against Iran, officials have begun to closely examine the cryptocurrency market.
Binance announced on January 6 that its sanctions compliance team will be attending training at ACSS in preparation for certification. According to the association’s website, the organization provided a certification test covering “common knowledge and abilities shared by all sanctions professionals in diverse job situations.”
Chagri Poyraz, global head of sanctions at Binance, said, “The blockchain sector is still in its infancy, and it is our top goal to continue preserving the highest degree of compliance in an area that is rapidly growing.” After everything is said and done, “our goal is to continue working with other industry participants to establish the gold standard for security and compliance.”
According to reports, Binance may have allowed Iranian consumers access to some services in breach of United States sanctions, forcing authorities to investigate.
Binance claims that its staff will benefit from ACSS training because it will teach them about the Office of Foreign Assets Control regulations enforced by the United States Treasury and the consequences of breaking them. Despite the fact that each country has its own set of rules and regulations when it comes to trading cryptocurrencies, the website claims that the exchange may be accessed from over a hundred different locations worldwide.
in December, Binance joined the crypto lobbying organization Chamber of Digital Commerce to push for more consistent regulation in the US. Reportedly, some worldwide politicians have targeted the exchange for suspected violations of Anti-Money Laundering rules and penalties.
Also Read: Major Flaw In Polkadot Parachains Found, Exposing $200 Million In Value
Comments are closed.