Tuesday, November 29, 2022

Binance Signs MoU With Kazakhstan For Financial Monitoring

Binance Chief Executive Officer Changpeng Zhao alias ‘CZ’ announced a new milestone for his firm via a Twitter post. Binance has signed a Memorandum of Understanding (MoU) with the Agency of the Republic of Kazakhstan for Financial Monitoring.

Ultimately, the leading cryptocurrency exchange regards this as a step in its strategies to implement its global law enforcement training program.

The aim of this MoU is to boost cooperation in the industry across local and international levels. Precisely, it encompasses bringing together law enforcement agencies and regulators from all over the world. Cooperatively, they will combat crypto crimes and financial crimes.

Also, crypto assets that were acquired illegally, used for money laundering, and to finance terrorism will be identified and blocked.

Previously in May, the global crypto exchange signed an MoU with the Ministry of Digital Development of the Republic of Kazakhstan. The partnership was focused on promoting the use digital assets in the country. A few months after, Binance bagged an in-principle approval from the Kazakhstan Astana Financial Services Authority (AFSA).

Binance Encourage Crypto Regulations

Binance believes that it shares a common interest with Kazakhstan authorities to deliver “safe development of virtual asset markets in the country and the creation of a long-term and sustainable platform for interaction.” There are speculations that Kazakhstan pro-crypto economy might have been the key reason for the partnership.

The regional head of Asia for Binance Gleb Kostarev said “The government of Kazakhstan has significantly adjusted the relevant legislation, legitimizing activities in the field of mining and circulation of cryptocurrencies. We see great potential in the country for further growth of the industry, and as leaders, we will be happy to contribute to this.”

Over time, Binance portrays itself as a crypto firm that encourages compliance with regulations and security laws.

So far, it has conducted the global law enforcement training program in Israel, Canada, Brazil, France, Germany, Italy, the United Kingdom and Norway. Likewise, Binance has secured licenses in Italy, Spain, Dubai, Abu Dhabi and many European countries.

Before now, Binance had faced anti-money laundering (AML) violation issues. It was accused of getting involved in laundering up to $2.35 billion illicit funds in crypto.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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