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Kazakhstan Regulators and Binance Sign An Agreement to Battle Local Financial Crime

Binance and Kazakhstan Regulators Sign An MoU to Combat Local Financial Crime

The Financial Monitoring Agency of the Republic of Kazakhstan and Binance, the largest cryptocurrency exchange in the world by trading volume, have both signed a memorandum of understanding (MoU).

This is a part of the crypto company’s global law enforcement education program, which aims to keep regulators informed about the most recent advancements in regulating the cryptocurrency industry worldwide.

In the battle against financial crime and cybercrime, the program, which includes representatives from regulatory and law enforcement agencies from across the world, intends to improve industry cooperation with local, national, and international law enforcement.

The Republic of Kazakhstan to Develop Virtual Asset Markets

The parties stated a shared interest in the fast growth of virtual asset markets in Kazakhstan and the establishment of a long-term and sustainable platform for communication in the agreement with the country’s financial authorities.

According to Binance;

The main purpose of signing the memorandum cooperation and mutual support of the parties in the sphere of circulation of crypto assets and information exchange, in the identification and blocking of virtual assets obtained by criminal means, as well as those intended for the legalization (laundering) of proceeds from crime and the financing of terrorism.”

Binance and Kazakhstan Regulators Sign An MoU to Combat Local Financial Crime

Zhanat Kaldybekovich Elimanov, Chairman of the Financial Monitoring Agency of the Republic of Kazakhstan, heads, and employees of the Financial Monitoring Agency of the Republic of Kazakhstan, and representatives of the Binance ecosystem all attended the meeting to sign the Memorandum of Understanding.

In recent years, Kazakhstan has been one of the top countries for mining Bitcoin (BTC). The Central Asian country has also developed friendly crypto rules, enabling cryptocurrency exchanges to create bank accounts and even attempting to legalize crypto use more widely.

According to Tigran Ghambaryan, VP of Global Intelligence and Investigations at Binance, the cryptocurrency exchange has the strongest compliance program in the market, with tools to proactively identify suspicious accounts and possible fraud in addition to anti-money laundering (AML) and global sanctions guidelines.

 “We express our gratitude to the Financial Monitoring Agency of the Republic of Kazakhstan for their cooperation and commitment to solving problems in the rapidly growing cryptocurrency industry,” he said.

Binance Keeps Pushing its Training Program

They claim that they have already conducted the Binance Law Enforcement Training Program in France, Germany, Italy, the UK, Norway, Canada, Brazil, Paraguay, and Israel. They also claim that over the past few months, strict compliance and AML programs have allowed them to register in France, Italy, and Spain.

Furthermore, the crypto firm keeps expanding its blockchain adoption activities across African countries and many parts of the world, according to a Twitter post by the CEO on Twitter.

They are, however, confident that similar incidents will occur in other regions and territories in the months ahead.

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