Binance To Develop Virtual Asset Market In Kazakhstan Amid President’s Support

Binance has signed a Memorandum of Understanding (MOU) with the Financial Monitoring Agency of the Republic of Kazakhstan, the crypto exchange announced on Monday. Binance will help develop a safe virtual asset market in the country. The exchange will also work with authorities to identify and block illegal crypto transactions including crime, money laundering, and terrorism financing.

Binance Signs MOU with Kazakhstan’s Financial Monitoring Agency

The world’s largest crypto exchange Binance, in an official blog on October 3, announced signing an MOU with the Financial Monitoring Agency of the Republic of Kazakhstan. The meeting was attended by Financial Monitoring Agency’s Chairman Zhanat Kaldybekovich Elimanov, as well as heads and employees of the agency and Binance.

Binance CEO “CZ” in a tweet claims the MOU signing marks the expansion of the Binance Law Enforcement Training Program in Kazakhstan. Binance works with government agencies and partners with law enforcement globally to fight against cyber and financial crimes. The program has already taken place in France, Germany, Italy, the UK, Norway, Canada, Brazil, Paraguay, and Israel.

Moreover, Binance will help develop the virtual asset market in Kazakhstan. Also, create a long-term and sustainable platform for interaction. Both parties will further work to identify and block illegal crypto assets, as well as crypto related to money laundering and terrorism financing.

Tigran Ghambaryan, vice president of global intelligence and investigations at Binance, said:

“Binance has the most robust compliance program in the industry, including anti-money laundering (AML) and global sanctions principles, as well as tools to proactively detect suspicious accounts and fraudulent activity.”

Furthermore, Tigran Ghambaryan presented a report on “Investigations in the cryptosphere.” Also, Chagri Poyraz, head of the global sanctions department of Binance, presented a report on “Typologies of sanctions evasion using cryptocurrencies, suppression of illegal activities” during the meeting.

Binance Expansion in Kazakhstan

Last week, Kazakhstan President Kassym-Jomart Tokayev announced the country is ready to legalize crypto after completing a test run with banks and crypto exchanges. He also said the development of a regional hub by Binance.

Binance earlier gained preliminary approval from the Astana Financial Services Authority (AFSA) to operate in Kazakhstan. The crypto exchange has also expanded in approval and registration in France, Italy, and Spain through strict compliance and anti-money laundering programs.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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Source: https://coingape.com/binance-develop-virtual-asset-market-kazakhstan/