Cryptocurrency exchange Binance has agreed to assist Kazakhstan in ensuring the safe development of its crypto market. The trading platform and Kazakhstan’s financial regulator intend to inform each other about cases involving the use of digital assets for illicit purposes.
Binance Exchange will help Kazakhstan authorities deal with cryptocurrency-related crimes
Binance, the world’s leading coin trading platform, and Kazakhstan’s Financial Surveillance Agency recently signed a memorandum of understanding expressing their mutual interest in the secure development of virtual asset markets in Central Asia.
The announcement explains that the agreement will manage joint efforts to fight crime involving digital assets. Crypto exchanges and regulators plan to share data that can be used to identify and block crypto holdings obtained through criminal means, as well as those used to launder criminal proceeds and finance terrorism.
According to Tigran Gambaryan, global head of intelligence and investigations at Binance, the company has the most robust compliance program in the industry, with anti-money laundering and sanctions compliance principles as well as suspicious accounts and fraud In addition to anti-money laundering and sanctions compliance principles, the company has built-in tools to detect suspicious accounts and fraudulent activity.
At the conference, Gambaryan and Chagri Poyraz, who heads Binance’s global sanctions department, presented a report dedicated to curbing illegal activity that leads to investigations in the crypto space and the use of cryptocurrencies to avoid sanctions.
Present at the signing were Zhanat Elimanov, chairman of the Financial Surveillance Agency of the Republic of Kazakhstan, as well as executives and employees of regulatory agencies and other representatives of the Binance ecosystem, the exchange said in a press release.
The MOU is part of Binance’s global training program for representatives of regulatory and law enforcement agencies. Its main objective is to develop cooperation with local and international authorities in the fight against cybercrime and financial crime. This initiative is already in place in France, Germany, Italy, the UK, Norway, Canada, Brazil, Paraguay and Israel.
The agreement follows the signing of another memorandum of understanding with Kazakhstan’s Ministry of Digital Development and Innovation in May, under which Binance will advise the government of Nursultan on crypto regulation. in August, the exchange signed an agreement with the leading crypto mining hub preliminary approval to offer trading and storage services for digital assets in Kazakhstan.
Image credits: Shutterstock, Pixabay, Wiki Commons, Binance