Binance Officially Signs An MoU With Kazakhstan In An Attempt To Fight Crime
- Binance has signed a memorandum of understanding (MoU) with the Republic of Kazakhstan’s Financial Monitoring Agency, under its recent “Global Law Enforcement Training Program.”
- The exchange has officially introduced a new program on September 27 to assist law enforcement agencies around the world in preventing financial crimes in the digital asset world.
- Notably, Binance conducted the programs in several countries, including the United Kingdom, Canada, Brazil, Italy, France, Germany, Israel, and Norway.
The world’s largest crypto exchange platform, Binance, has recently signed a memorandum of understanding (MoU) with the Republic of Kazakhstan’s Financial Monitoring Agency, under its recent “Global Law Enforcement Training Program.”
Additionally, Tigran Gambaryan, Vice President for Global Intelligence and Investigations at Binance, gave a report on “Investigations in the Cryptosphere” during the meeting with the country’s financial regulator.
Amid the increasing number of crimes in the crypto industry, Binance officially introduced a new program on September 27 to assist law enforcement agencies around the world in preventing financial crimes in the digital asset world. The exchange giant aims to boost industry cooperation with global law enforcement agencies in the fight against cybercrime.
Kazakhstan, which recently emerged as one of the leading nations when it comes to cryptocurrencies or digital assets in general. With the development of a favorable set of crypto regulations, such as allowing exchanges to open bank accounts, the government is exploring the possibilities of legalizing crypto usage more broadly.
The MoU with the financial regulator comes soon after Binance obtained an in-principle approval from the local authorities in August to operate a digital asset trading facility in the Astana International Financial Center (AIFC). At the time, the founder and CEO of the exchange giant, Changpeng Zhao, commented on the crypto-related possibilities in Kazakhstan by stating:
“Kazakhstan has shown itself to be a pioneer in Central Asia crypto adoption and regulation. This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well regulated environment across the globe.”
Though the training program was officially launched later in September this year, the exchange’s investigation team has been holding workshops for law enforcement across the world for the past year. Notably, Binance conducted the programs in several countries, including the United Kingdom, Canada, Brazil, Italy, France, Germany, Israel, and Norway.
The rise of crypto exchange platforms in these nations presents its own challenges because the majority 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 programme in order to foster global cooperation.
Cybercrimes in the digital assets industry have been touching the sky with the DeFi sector being the biggest victim of such exploits. Moreover, the Federal Bureau of Investigation (FBI) frequently posts warnings for the rising crypto scams cases, including crypto app scams and Romance scams, where scammers steal a large amount of funds from innocent people.
As a result, Binance has turned its attention to compliance and regulations amid rising number of warnings and inquiries from financial regulators all around the world and even resumed operations in certain countries where it was previously banned, like France and Italy.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
