Binance’s Head Of Sanctions Shares Measures To Block Restricted Users

Key Points:

• Binance invests heavily in compliance and has 750 world-class experts.
• The exchange employs IP blocking, VPN detection, and other tools to prevent users from blocking jurisdictions accessing the platform.
• Binance is committed to identifying and removing those who attempt to misuse the platform, ensuring a trusted trading experience for its millions of users.

Binance, the world’s largest cryptocurrency exchange, is committed to compliance and preventing users from blocked jurisdictions from accessing its platform, according to a post by Chagri Poyraz, Binance’s Global Head of Sanctions.

In the post, Poyraz explained that Binance has invested tens of millions of dollars in a compliance program and grown its in-house compliance-supporting headcount to 750 experts. The company’s Sanctions Compliance unit uses several layers of controls to prevent users from accessing the platform, including IP blocking and VPN detection.

“We are keenly aware that people use VPN services to conceal their IP addresses for various reasons. While some may turn a blind eye to that sort of activity, we have put in place cutting-edge technologies to address these issues,” according to Poyraz

In addition to IP blocking and VPN detection, Binance uses several other tools and indirect indicators to determine whether a user has misrepresented their residence. If the system suspects that a user is physically in a sanctioned or blocked country, it will trigger a request for information to inquire about the reasons and circumstances surrounding the user being there.

Identifying and offboarding individuals who attempt to circumvent the platform’s restrictions is an ongoing battle, according to Poyraz. “People constantly come up with ways to try and get around the most sophisticated restrictions and controls, including by using fake IDs and various ways to obfuscate their location,” he said. “We are committed to identifying and immediately offboarding such individuals.”

Despite the challenges of operating in a global regulatory environment, Binance remains committed to providing a safe and compliant trading experience for its millions of users worldwide. With continued investment in sophisticated controls and processes, Binance aims to stay ahead of the game in the ongoing fight against illicit actors in the cryptocurrency industry.

“Since we pivoted as a company, the culture of compliance has been hammered into every employee on a daily basis. We are confident our program today parallels what you will find at most traditional financial institutions, many of whom have been in business for over a century compared to Binance, which just launched in 2017,” said Poyraz

Poyraz’s comments highlight the importance of compliance in the cryptocurrency industry, where regulatory scrutiny is increasing. By investing in a comprehensive compliance program and sophisticated controls, Binance aims to maintain its reputation as a trusted and compliant exchange while protecting its users from potential risks associated with illegal activities.

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Harold

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