Tuesday, December 6, 2022
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Binance signs MOU with Kazakhstan to fight against online financial crime

On October 3, global cryptocurrency exchange Binance signed a memorandum of understanding (MOU) with the Financial Monitoring Agency of the Republic of Kazakhstan to conduct anti-money laundering (AML) compliance training with other financial institutions.

The initiative, which is aimed at expanding industry collaboration with national and international law enforcement in the fight against financial crime and cybercrime, includes representatives from regulatory and law enforcement bodies all around the globe. 

In addition, the initiative intends to identify and ban digital assets that have been gained unlawfully and are then used to launder money earned through criminal activity or fund terrorism.

In recent times, Kazakhstan has emerged as one of the leading crypto nations for Bitcoin (BTC) mining, and in recent times, the Central Asian nation has also been developing favourable crypto regulations. These regulations include allowing cryptocurrency exchanges to open bank accounts, and even looking to legalise cryptocurrency use more broadly. Early in the month of August of this year, Binance was granted authority to operate in Kazakhstan on a provisional basis. 

Israel, Canada, Brazil, France, Germany, Italy, the United Kingdom, and Norway are among the countries that have hosted training sessions for law enforcement officials as part of Binance’s law enforcement training program (MOU). The 26th of September marked the beginning of the program’s formal rollout, but for the previous twelve months, members of the company’s investigations team have been conducting training sessions for members of the law enforcement community.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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