Binance doubles down on its Kazakhstan Interest

Sahana Kiran
Source – Unsplash

The interest in crypto witnessed a prominent elevation despite the onset of the bears. Governments across the globe were seen going big on the industry and some even legalizing it. While a few others continued to remain hostile towards crypto, Kazakhstan certainly did not belong to this category.

It was recently rumored that Kazakhstan is likely to emerge as the next country to legalize crypto. Prominent crypto exchange Binance could be aiding the country in its crypto venture.

Earlier today, Binance went on to sign a Memorandum of Understanding [MoU] with the Agency of the Republic of Kazakhstan for Financial Monitoring.

Through this latest agreement, the parties intend to aid each other with regard to the circulation of crypto in the region. In addition to this, information exchange particularly with regard to the identification and blocking of illegally obtained cryptocurrencies is expected to occur.

Changpeng Zhao, the CEO of Binance stated that the MoU was signed in light of the exchange’s move towards a global law enforcement training program. CZ suggested that the platform intends to combat cyber and financial crimes across the globe.

Furthermore, it should be noted that the Binance Law Enforcement Training Program was already put in place in various parts of the world. This included France, Germany, Italy, the UK, Norway, Canada, Brazil, Paraguay, and Israel.

Binance and Kazakhstan

This isn’t Binance’s first venture in Kazakhstan. Over the last couple of months, the exchange has been making headlines alongside Kazakhstan. In August, the exchange garnered in-principle approval from the Astana Financial Services Authority [AFSA] to operate in the region.

Prior to this, the firm signed an MoU with the Kazakhstan Ministry of Digital Development, Innovations, and Aerospace Industry. Through this, Binance aimed to help the country formulate regulations around the crypto market.

Tigran Gambaryan, Vice President for Global Intelligence spoke about the exchange’s latest agreement and 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. We express our gratitude to the Financial Monitoring Agency of the Republic of Kazakhstan for their cooperation and commitment to solving problems in the rapidly growing cryptocurrency industry.”

Going forward, if Kazakhstan decides to legalize crypto, Binance is sure to take the front stage in the region.