Binance recently announced becoming a member of the ACSS.
This move came after the FUD surrounding BNB due to the FTX collapse and SEC inquisitions.
In recent weeks, there has been a lot of fear, uncertainty, and doubt (FUD) surrounding Binance Coin [BNB] after FTX’s [FTT] collapse and the downward trend of its native cryptocurrency. The collapse caused exchange tokens to be looked at with distrust.
Also, the situation with Binance was made even worse because the exchange came under scrutiny from the SEC. Binance has taken an innovative approach as of late to deal with the issue of compliance punishments.
Binance to work on regulatory compliance
Per a statement on 6 January, Binance made history by being the first cryptocurrency exchange to join the Association of Certified Sanctions Specialists (ACSS). According to an official statement, the company’s team will train at ACSS as part of the process.
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 and to alert them of the potential dangers associated with violating those criteria.
BNB in compliance?
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. The price range tool revealed that BNB lost nearly 26% of its value from when the token’s slump began in November until the observed timeframe.
As of this writing, the token’s value hovered around $260. Its price rose by almost 2% in the last 48 hours, suggesting that the latest news has positively affected its movement.
Source : ambcrypto
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