Chagri Poyraz, Binance's Global Head of Sanctions, outlines the company's commitment to compliance and its efforts to prevent users in blocked jurisdictions from accessing the platform.
Binance is emphatically committed to enforcing compliance and preventing access to its platform from users residing in blocked jurisdictions. Chagri Poyraz, Binance's Global Head of Sanctions, has nearly two decades of experience in risk management and developing compliance programs. He confirmed that the company has invested millions of dollars and enlisted 750 world-class experts in its compliance program to deliver a platform that rivals traditional financial institutions in efficacy and security.
A key aspect of Binance's program is the Sanctions Compliance unit, which ensures that users from restricted regions cannot access their platform. Some users resort to innovative techniques, such as VPN usage, to circumvent these restrictions. Binance acknowledges that VPNs are primarily used as privacy tools and therefore employs advanced technologies, in addition to VPN detection, to identify users who misrepresent their residence for unauthorized platform access.
If the system suspects that a user is in a blocked jurisdiction, it triggers a request for information to maintain compliance. Although this may inconvenience users, it is a vital step toward maintaining the platform's integrity. The Sanctions Compliance team constantly adapts to emerging technologies and strategies used by illicit actors to enforce Binance's rules and ensure full compliance. The company remains dedicated to investing in advanced controls to stay ahead of the game.