- The cryptocurrency exchange Binance said on Monday that it had signed a Memorandum of Understanding (MOU) with the Financial Monitoring Agency of the Republic of Kazakhstan.
- In the “memorandum of agreement,” parties commit to working together to promote the exchange of digital assets and data as well as engage in unlawful trade.
- In August, Binance received authorization from the Astana Financial Services Authority to conduct business there.
Binance, a cryptocurrency exchange, and Kazakhstan’s Financial Monitoring Agency formalized their shared goal of growing the nation’s market for digital assets by signing an agreement.
Today #Binance signed an MoU with the Agency of the Republic of Kazakhstan for Financial Monitoring🇰🇿— CZ 🔶 Binance (@cz_binance) October 3, 2022
The signing took place as part of the implementation of our global law enforcement training program, as we fight together against cyber and financial crimes globally. https://t.co/l29rNDv571
The “memorandum of agreement” expresses cooperation in fostering the circulation of digital assets and data as well as pursuing illegal commerce. According to Kazakh President Kassym-Jomart Tokayev, Binance “plans to expand its Kazakhstani office,” saying that the exchange intends to establish a “center for the entire area.”
The Astana Financial Services Authority granted Binance permission to operate in the nation in August. When Binance CEO CZ visited with President Kassym-Zhomart Tokayev and other top Kazakh officials in May, the exchange giant also inked a contract with the country’s Ministry of Digital Development.
In recent years, Kazakhstan has become one of the top countries for mining Bitcoin. The Central Asian country is also working to create favorable crypto regulations, such as allowing cryptocurrency exchanges to open bank accounts and even considering legalizing cryptocurrency use more generally. In August of this year, Binance received a preliminary license to operate in Kazakhstan.
Earlier iterations of the Binance law enforcement training course took place in Israel, Canada, Brazil, France, Germany, Italy, the United Kingdom, and Norway. Although the company’s investigative team has been giving training sessions for law enforcement for the previous year before the program’s official launch on September 26.
The rise of cryptocurrency exchanges like Binance in these nations presents difficulties because the bulk of them lack any effective regulatory framework for the industry. Thus, Binance intends to increase awareness among law enforcement agencies and officials through the training program to foster worldwide cooperation.
Additionally, Binance will support the expansion of Kazakhstan’s market for virtual assets. Make a robust, long-term platform for communication as well. Further efforts will be made by both parties to locate and seize illicit cryptocurrency holdings, as well as cryptocurrency used in money laundering and terrorism funding. Kazakhstan was earlier made plans to legalize crypto in the country.