Binance and Kazakhstan to Share Information About Crypto-Related Crime – Exchanges 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 about cases involving the use of digital assets for illicit purposes.

Binance Exchange will help Kazakhstan authorities combat crime linked to cryptocurrencies

The world’s leading coin trading platform, Binance, and Kazakhstan’s Financial Monitoring Agency have recently signed a Memorandum of Understanding expressing their mutual interest in the safe development of the Central Asian nation’s virtual assets market.

The announcement stated that this agreement would govern the joint effort to combat crimes related to digital assets. It is planned that the crypto exchange and regulatory body will share data to help identify and block illegal crypto holdings as well those used in criminal laundering and financing of terrorism.

Tigran Gambaryan (global head of intelligence and investigation at Binance), says that the company boasts the strongest compliance program in its industry. It incorporates the principles of sanctions compliance and anti-money laundering, as well as tools for detecting suspicious accounts or 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 leading to sanctions evasion using cryptocurrencies.

In a press release, the exchange stated that Zhanat Elimanov (the Chairman of the Financial Monitoring Agency of the Republic of Kazakhstan), executives, employees, and others from the regulatory agency attended the signing.

The memorandum is part of Binance’s global training program for representatives of regulatory and law enforcement agencies. This memorandum has the main purpose of fostering cooperation with international and local authorities to fight cyber and financial crimes. It has been successfully implemented in France and Germany as well as Italy, Canada, Brazil, Paraguay and the U.K.

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 in Nur-Sultan on crypto regulations. The exchange received preliminary approval in August to offer trading and custody services in digital assets for Kazakhstan, which is a key crypto mining center.

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What do you think Kazakhstan will need to ask for assistance as it regulates its digital asset market? Leave a comment below.

Lubomir Tasev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Images CreditsShutterstock. Pixabay. Wiki commons. Binance

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