Despite the bear market, Binance is one of the companies that continues to build and create meaningful partnerships with companies and organizations. In the latest headline of the partnership, Binance is joining the Association of Certified Sanctions Specialists (ACSS), which provides sanctions training to multinational companies and financial institutions.
Established in 2018, ACSS provides the necessary resources and educational benefits to its members. The company is the first crypto exchange to officially join the association as part of its ongoing efforts to “strengthen its compliance capabilities,” according to a press release published earlier today.
Binance Team Trains With ACSS
As part of the certification process for the responsibility of compliance standards in crypto, the Binance The sanctions team will undergo a training process with ACSS as the team will assist in money laundering reporting, compliance operations, and special investigations on Binance and on crypto industry.
According to the press release, the training program, which is a mandatory process, will provide Binance’s sanctions team with the latest OFAC guidelines on developing a sanctions compliance program. ACSS will also help secure teams to stay on top of sanctions orders and educate them about the risk of breaches in multiple jurisdictions.
“By working closely with ACSS, we will take our sanctions compliance standards to a level recognized by reputable industry associations and provide upskilling opportunities for our compliance team,” said Chagri Poyraz, Head of Global Sanctions at Binance. Adding, “At the end of the day, we want to continue to set the industry standard for security and compliance alongside other industry players.”
Binance Expansion into Various Industries
Mainly, this is an exchange one of many collaborations and securing partnerships with regulators and entities. In the past two years, the company has obtained regulatory licenses, registrations, and approvals in a total of 14 jurisdictions to date, including France, Spain, Bahrain, Dubai, and Australia.
Last month, crypto exchange in Japan with the acquisition deal of Sakura Exchange BitCoin (SEBC), a Japanese crypto exchange regulated by the country’s Financial Services Agency (FSA), puts Binance on the list of countries that have some regulatory authority in Japan.
Not only that, but the exchange has also been interested in investing for some time now. In December, the company’s venture capital firm, Binance Labs, made another mark on Web3 by announcing plans to led the funding round for GoPlus SecurityWeb3 security startup.
Meanwhile, the exchange’s native tokens have also struggled to reach their prime. At the time of writing, BNB is currently trading at $248, up more than 5% in the last seven days after surviving the terrifying FUD until December.