JAKARTA - Global cryptocurrency exchange Binance has recently signed a memorandum of understanding (MoU) with the Financial Monitoring Agency of the Republic of Kazakhstan as part of its global law enforcement training program.
The program, which involves officials from regulatory and law enforcement organizations around the world, aims to strengthen industry cooperation with national and international law enforcement in the fight against financial crime and cybercrime.
The program further aims to identify and block digital assets that are illegally obtained and used to launder proceeds of crime and finance terrorism.
#Binance signs an agreement with the Financial Monitoring Agency of the Republic of Kazakhstan.
The MoU took place as part of the Binance Law Enforcement Training Program, aimed at developing the cooperation of the ecosystem in the fight against cyber and financial crimes. pic.twitter.com/VsJgIgS8SS
— Binance (@binance) October 3, 2022
Kazakhstan has emerged as one of the leading crypto countries for Bitcoin (BTC) mining and recently, the Central Asian country has also developed favorable crypto regulations such as allowing crypto exchanges to open bank accounts, and even wants to legalize the use of crypto more and more legally. large. Binance obtained in-principle approval to operate in Kazakhstan early August this year.
Gleb Kostarev, regional head of Asia for Binance told Cointelegraph that Kazakhstan's pro-crypto stance was one of the main reasons behind the partnership.
"The government of Kazakhstan has significantly adjusted the relevant laws, legitimizing activities in the field of mining and circulation of cryptocurrencies. We see great potential in the country for further industrial growth, and as a leader, we will be happy to contribute to this," he said. Kostarev, as quoted by Cointelegraph.
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Binance's law enforcement training programs have been conducted in Israel, Canada, Brazil, Brazil, France, Germany, Italy, the UK, and Norway. The program officially launched on September 26, but the company's investigative team has been holding workshops for law enforcement over the past year.
In the absence of a strong crypto regulatory framework among most countries, expanding crypto exchanges like Binance in these jurisdictions comes with its own challenges. With the help of the training program, Binance hopes to raise awareness among law enforcement agencies and officials to develop cooperation at a global level.
The crypto exchange's focus on compliance and regulation comes after facing several warnings and investigations from financial regulators around the world. However, the exchange has managed to improve and even return to some jurisdictions such as Italy and France where it is considered illegal to operate.
Binance attributes recent regulatory approvals in France, Italy, and Spain to the compliance measures it has put in place recently.
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