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Binance and Kazakhstan share information on crypto-related crime – exchange Bitcoin news
Cryptocurrency exchange Binance has agreed to support Kazakhstan in ensuring the safe development of the country’s crypto market. The trading platform and Kazakhstan’s financial regulators intend to inform each other of cases involving the use of digital assets for illegal purposes.
Binance Exchange to help Kazakhstan authorities fight crime related to cryptocurrencies
The world’s leading coin trading platform, Binance, and Kazakhstan’s financial watchdog have recently signed a Memorandum of Understanding expressing their mutual interest in the safe development of the Central Asian nation’s virtual asset market.
An announcement explained that the agreement will guide joint efforts to combat crimes involving digital assets. The crypto exchange and the regulator plan to share data that can be used to identify and block crypto holdings obtained through criminal means, as well as those employed in laundering the proceeds of crime and financing terrorism.
According to Tigran Gambaryan, global head of intelligence and investigations at Binance, the company has the most robust compliance program in the industry, which includes anti-money laundering principles and sanctions, as well as tools to detect suspicious accounts and fraudulent activity.
During the meeting, Gambaryan and Chagri Poyraz, who heads Binance’s global sanctions department, presented reports devoted to investigations in the crypto space and suppression of illegal activities that lead to sanctions evasion using cryptocurrencies.
The signing was also attended by the Chairman of the Financial Supervision Agency of the Republic of Kazakhstan Zhanat Elimanov, managers and employees of the regulatory body and other representatives of the Binance ecosystem, the exchange noted in a press release.
The memorandum is part of Binance’s global training program for representatives of regulatory and law enforcement agencies. The main purpose is to develop cooperation with local and international authorities in the fight against cybercrime and economic crime. The initiative has already been implemented in France, Germany, Italy, Great Britain, Norway, Canada, Brazil, Paraguay and Israel.
The deal follows the signing of another Memorandum of Understanding with Kazakhstan’s Ministry of Digital Development and Innovation in May, where Binance will advise the government of Nur-Sultan on crypto regulations. In August, the exchange received preliminary approval to offer trading and custody services for digital assets in Kazakhstan, a major hub for crypto mining.
Do you expect Kazakhstan to seek help from other global crypto companies as they try to regulate their digital asset economy? Tell us in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Binance
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