Binance Joins ACSS, Aims for Regulatory Compliance and Security

Bulletpoints
• Binance recently became a member of the Association of Certified Sanctions Specialists (ACSS) after the FUD surrounding BNB due to the FTX collapse and SEC inquisitions.
• The purpose of the ACSS training is to educate the staff working for the exchange on the guidelines provided by the Office of Foreign Assets Control (OFAC) within the United States Treasury.
• BNB saw a surge in late October 2022, climbing into the $350 range, however, it has since lost nearly 26% of its value.

Binance recently announced that they had become a member of the Association of Certified Sanctions Specialists (ACSS). This move came after weeks of fear, uncertainty, and doubt (FUD) surrounding Binance Coin (BNB) due to the collapse of FTX and the subsequent investigations from the Security Exchange Commission (SEC).

The purpose of the ACSS training is to educate the staff working for the exchange on the guidelines provided by the Office of Foreign Assets Control (OFAC) within the United States Treasury. This training is designed to alert them of the potential dangers associated with violating those criteria. This move shows that Binance is looking to ensure compliance and adhere to regulations, in order to prevent any further issues with the SEC.

The daily timeframe chart of BNB’s price action revealed that the token saw a surge in late October 2022. It saw a climb into the $350 range during October, however, it has since lost nearly 26% of its value. This could be attributed to the FUD surrounding the exchange, however, the recent announcement of joining the ACSS could be a step towards improving the reputation of Binance and providing reassurance to users.

Overall, the move to join the ACSS is a positive one for Binance and could be seen as a sign of the exchange’s commitment towards compliance and regulatory standards. It remains to be seen what impact this will have on the price of BNB, however, it could be a potential sign of stability and security for users of the exchange.