#Binance #Argentina #CNV #VASP #Cryptocurrency #RegulatoryCompliance #AML #CFT #KYC #Blockchain
Binance, the world-renowned cryptocurrency exchange, has achieved a significant regulatory milestone by registering as a Virtual Asset Service Provider (VASP) with Argentina’s National Securities Commission (CNV). This marks an important step in the company’s global expansion, securing its 20th regulatory approval worldwide. By obtaining this authorization, Binance cements its position in the Argentinian market, allowing local users full access to its comprehensive range of services. This achievement is a testament to Binance’s commitment to regulatory compliance and its dedication to fostering a safe and sustainable growth environment for the cryptocurrency industry. The company’s proactive approach to incorporating anti-money laundering (AML) and counter-financing of terrorism (CFT) policies demonstrates its intent to not only adhere to but also set standards for regulatory practices in the industry.
Binance’s focus on compliance is further illustrated through its extensive compliance program, which includes rigorous know-your-customer (KYC) procedures. These measures are designed to enhance user security and safeguard against illicit activities. By collaborating with law enforcement agencies, Binance ensures strict adherence to regulations, thereby reinforcing the legitimacy and stability of the cryptocurrency ecosystem. This strategic emphasis on compliance and security is pivotal as Binance continues to navigate the complex regulatory landscape of the global financial market. Richard Teng, a leading figure at Binance, underscored the company’s commitment to a secure, sustainable blockchain ecosystem in Latin America and around the world, celebrating this latest achievement on social media platforms.
In parallel to its registration in Argentina, Binance has also been making strides in other regions, such as Kazakhstan, where its local unit has received formal consent from the Astana Financial Services Authority (AFSA) for a full regulatory license. This development is a significant step towards becoming the first regulated Digital Asset Trading Facility operator in Kazakhstan, following the earlier attainment of ISO 27001 and ISO 27701 certifications for its platforms in the country. These certifications underscore Binance’s dedication to maintaining high standards of information security management and privacy preservation, further solidifying its reputation as a trustworthy and compliant digital asset exchange.
However, Binance’s path of compliance and expansion has not been without its adjustments. The exchange has decided to phase out Turkish language support on its platform, a move driven by the need to align with regulatory requirements and fosters a compliant trading environment in Turkey. While Binance.com will continue to be accessible in Turkey, this decision reflects the exchange’s active engagement with regulatory evolution and its commitment to providing services in a manner that respects local regulations. The phasing out of Turkish language support, alongside a halt to targeted marketing efforts in the region, exemplifies Binance’s adaptable and respectful approach to global operations, ensuring that it remains at the forefront of the rapidly evolving cryptocurrency industry.
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