Binance has signed a memorandum of understanding to develop a virtual asset market in Kazakhstan, with support from the country’s president.
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Binance said on Monday that it had signed a Memorandum of Understanding (MOU) with the Financial Monitoring Agency of the Republic of Kazakhstan. Binance will contribute to the growth of a regulated market for virtual assets in the country. Together with law enforcement, the exchange will monitor and prevent criminal, nefarious, and terrorist-related crypto transactions.
Binance and Kazakhstan’s Financial Regulatory Agency Sign Memorandum of Understanding
In a blog post dated October 3, 2018, Binance, the largest cryptocurrency exchange in the world, said that it had signed a memorandum of understanding with the Financial Monitoring Agency of the Republic of Kazakhstan. Zhanat Kaldybekovich Elimanov, chairman of the Financial Monitoring Agency, presided over the meeting, which was also attended by other agency officials and Binance representatives.
On Twitter, Binance CEO “CZ” claimed that the signing of the MOU would lead to the growth of the Binance Law Enforcement Training Program in Kazakhstan. For the purpose of combating cyber and financial crimes, Binance collaborates with government authorities and law enforcement organisations around the world. France, Germany, Italy, the United Kingdom, Norway, Canada, Brazil, Paraguay, and Israel are just some of the countries where the programme has previously been implemented.
In addition, Binance will contribute to the growth of Kazakhstan’s virtual asset market. Make sure the medium of contact is sustainable over the long haul. Additional efforts will be made by both parties to detect and prevent the use of illicit crypto assets, including those used for the purposes of money laundering and terrorism funding.
Binance’s VP of global intelligence and investigations, Tigran Ghambaryan, made the following statement:
Binance’s compliance programme is the most comprehensive in the business, with features including proactive account monitoring and detection tools for AML and worldwide sanctions violations.
Moreover, Tigran Ghambaryan reported on “Investigations in the Cryptosphere.” The conference also included a paper on “Typologies of sanctions evasion utilising cryptocurrencies, repression of criminal operations” provided by Binance’s global sanctions department chief Chagri Poyraz.
Trading Platform Binance Expands in Kazakhstan
After a successful trial period with financial institutions and cryptocurrency exchanges, Kazakhstan’s President Kassym-Jomart Tokayev declared last week that the country is ready to legalise cryptocurrency. He also mentioned Binance’s plans to establish a regional hub.
Binance has been operating in Kazakhstan after receiving initial authorisation from the Astana Financial Services Authority (AFSA). Through rigorous compliance and anti-money laundering processes, the cryptocurrency exchange has also gained approval and registration in France, Italy, and Spain.
Source: Google Trend