Binance, the world’s largest cryptocurrency exchange by trading volume, has launched a new public initiative to show that it takes compliance in the cryptocurrency market seriously.
On Friday, the company announced it would join the Association of Accredited Sanctions Professionals (ACSS) to strengthen the expertise of its international compliance team.
“By working closely with ACSS, we will bring our sanctions compliance standards to a level recognized by reputable industry associations and provide upskilling opportunities for our compliance team.
“At the end of the day, we want to continue to set the industry standard for security and compliance, along with other industry players,” added Poyraz.
The news comes after a Reuters report last month quoted a source as saying that “at least half a dozen U.S. prosecutors” believed the investigation into the exchange had surfaced evidence justifying criminal charges. bottom. Reuters also reported that some officials have discussed a possible plea bargain with Binance’s lawyers.
Binance Denies Reports twittersaid in response to a December report that “Reuters is wrong again.”
In August 2021, Binance made the decision not to allow customers to open accounts using only their email address. However, the company made news earlier this year when he was able to recover stolen funds from North Korean hackers in April.
In December, Binance released a “proof of reserves” report that sparked controversy within the cryptocurrency community by only disclosing information about the company’s Bitcoin assets. Accounting firm Mothers, responsible for the report, has suspended all work with cryptocurrency firms, including Binance.
Binance.US, which is a separate legal entity from Binance, has a licensing agreement and is majority-owned by Mr. Zhao, faces scrutiny for possible sanctions violations.
In December, Binance.US was selected by the bankruptcy estate of cryptocurrency lender Voyager Digital to purchase Voyager’s customer assets and related liabilities for $1.02 billion. The deal came after the original “white knight” buyer, his FTX, went bankrupt.
Since then, Voyager has been challenged by both the SEC and the Texas Securities Commission, with federal agencies demanding additional disclosures about Binance.US’ ability to “complete trades of this magnitude.”
In the TSSB complaint, state agency executive director Joseph Rotunda said the state is also investigating Binance.US given its ties to Binance.US. Specifically, Voyager customers highlighted the US-based cryptocurrency exchange’s terms of service that they must agree to if a purchase is completed.
According to the Terms of Service, Binance.US appoints “market makers, including related parties and market makers established or otherwise operated outside the United States.” While no “related parties” have been identified, Rotunda noted that Voyager customers may take on greater exchange risk by moving to Binance.US.
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