Binance focuses on crypto security in new MoU with Kazakhstan
Binance, a major cryptocurrency exchange, has signed a second memorandum of understanding (MoU) with Kazakhstan, this time focusing on the “safe development of virtual asset markets” in the Central Asian country.
The crypto exchange signed the MoU with the country’s Financial Monitoring Agency on October 3, 2022 in Astana, the capital of Kazakhstan.
Binance noted in a statement on Tuesday that the new memorandum is aimed at creating “a long-term and sustainable platform for cooperation.”
“The main focus of the MOU is to build avenues for cooperation and mutual support in areas such as the exchange of information on the movement of digital assets, detecting and tracking assets acquired by criminal means, as well as those intended for the legalization (laundering) of criminal proceeds and the financing of terrorism ,” Binance explained.
The exchange further said that the MoU is part of efforts to implement the new training program for law enforcement, where it has held workshops in the UK, Canada, Germany, France, Italy, Norway, among others.
Binance said the program was designed to help law enforcement teams around the world detect financial and cybercrimes.
Meanwhile, in May Binance signed an MoU on the development of distributed ledger technology with Kazakhstan following the visit of Binace CEO Changpeng Zhao to the country.
The memorandum was signed with the country’s Ministry of Digital Development, Innovations and Aviation Industry led by Bagdat Musin.
Speaking at the meeting, Musin had said that both parties discussed the possibility of setting up a blockchain-focused venture capital fund and academy to raise local talent in the country’s financial hub to global standards.
“We truly believe that Kazakhstan can become a regional hub for international players in the crypto world,” Musin added.
Binance in Kazakhstan
Binance’s new MoU comes days after the crypto exchange secured a permanent license to operate as a digital asset provider in Kazakhstan.
The crypto exchange said the license was granted by the AIFC Financial Services Authority (AFSA), the independent regulator of Kazakhstan’s financial hub, the Astana International Financial Center (AIFC).
The license also allows Binance to provide custody services at the AIFC, the crypto exchange said in a statement announcing the approval of the permanent.
The permanent licensing comes nearly three months after the leading cryptocurrency exchange received preliminary regulatory approval to operate in the transcontinental country.
“The permanent license gives Binance the status of a regulated platform in Kazakhstan and confirms its strong compliance and security controls,” Binance said.
“The platform will be authorized to provide digital asset exchange and conversion services, fiat currency deposits and withdrawals, cryptocurrency storage and stock exchange trading,” it added.
Gleb Kostarev, Asia Regional Head of Binance, further noted that the government of Kazakhstan has “made significant changes to relevant legislation and the regulatory environment, thereby setting the highest compliance standards for cryptocurrency platforms.”
Binance, a major cryptocurrency exchange, has signed a second memorandum of understanding (MoU) with Kazakhstan, this time focusing on the “safe development of virtual asset markets” in the Central Asian country.
The crypto exchange signed the MoU with the country’s Financial Monitoring Agency on October 3, 2022 in Astana, the capital of Kazakhstan.
Binance noted in a statement on Tuesday that the new memorandum is aimed at creating “a long-term and sustainable platform for cooperation.”
“The main focus of the MOU is to build avenues for cooperation and mutual support in areas such as the exchange of information on the movement of digital assets, detecting and tracking assets acquired by criminal means, as well as those intended for the legalization (laundering) of criminal proceeds and the financing of terrorism ,” Binance explained.
The exchange further said that the MoU is part of efforts to implement the new training program for law enforcement, where it has held workshops in the UK, Canada, Germany, France, Italy, Norway, among others.
Binance said the program was designed to help law enforcement teams around the world detect financial and cybercrimes.
Meanwhile, in May, Binance signed an MoU on the development of distributed ledger technology with Kazakhstan following the visit of Binace CEO Changpeng Zhao to the country.
The memorandum was signed with the country’s Ministry of Digital Development, Innovations and Aviation Industry led by Bagdat Musin.
Speaking at the meeting, Musin had said that both parties discussed the possibility of setting up a blockchain-focused venture capital fund and academy to raise local talent in the country’s financial hub to global standards.
“We truly believe that Kazakhstan can become a regional hub for international players in the crypto world,” Musin added.
Binance in Kazakhstan
Binance’s new MoU comes days after the crypto exchange secured a permanent license to operate as a digital asset provider in Kazakhstan.
The crypto exchange said the license was granted by the AIFC Financial Services Authority (AFSA), the independent regulator of Kazakhstan’s financial hub, the Astana International Financial Center (AIFC).
The license also allows Binance to provide custody services at the AIFC, the crypto exchange said in a statement announcing the approval of the permanent.
The permanent licensing comes nearly three months after the leading cryptocurrency exchange received preliminary regulatory approval to operate in the transcontinental country.
“The permanent license grants Binance the status of a regulated platform in Kazakhstan and confirms its strong compliance and security controls,” Binance said.
“The platform will be authorized to provide digital asset exchange and conversion services, fiat currency deposits and withdrawals, cryptocurrency storage and stock exchange trading,” it added.
Gleb Kostarev, Asia Regional Head of Binance, further noted that the government of Kazakhstan has “made significant changes to relevant legislation and the regulatory environment, thereby setting the highest compliance standards for cryptocurrency platforms.”
