Binance Strengthens Its Presence in Kazakhstan with MoU
Binance and Kazakhstan’s Agency for Financial Monitoring have expressed a mutual interest in ensuring the secure development of virtual assets in the country. This was formalized through the MoU, which also emphasizes the creation of a long-term and solid framework for cooperation under the agreement.
The signing of the Memorandum of Understanding was attended by the Chairman of the Agency for Financial Monitoring of the Republic of Kazakhstan, Zhanat Kaldybekovich Elimanov, along with key leaders and employees from the Financial Monitoring Agency, as well as members from the Binance ecosystem, including the BNB chain.
Binance CEO Changpeng Zhao noted that the MoU is aligned with the exchange’s global law enforcement training program. He also emphasized that Binance aims to combat cybercrime and financial fraud across all regions. Zhao shared this announcement shortly after reaching 7 million followers on Twitter.
The Binance Law Enforcement Training Program is already being implemented in several regions, including the United Kingdom, Brazil, Italy, Norway, Germany, Canada, Paraguay, France, and Israel. The program officially launched on September 26, although Binance’s investigation team has been conducting law enforcement workshops for over a year.
Binance and Kazakhstan MoU to Enhance Support for Crypto Development
Kazakhstan has emerged as a leading hub for Bitcoin (BTC) mining and has recently introduced favorable crypto regulations, including allowing crypto exchanges to operate bank accounts within the country. The Central Asian nation has been moving forward with its broader legalization of cryptocurrencies.
This MoU is not the first instance of collaboration between Kazakhstan and Binance. Binance has gained greater visibility in Kazakhstan over recent months. In August, the Astana Financial Services Authority (AFSA) granted Binance in-principle approval to operate in the region.
Earlier, Kazakhstan’s Ministry of Digital Development, Innovations, and Aerospace Industry also signed an MoU with Binance to assist in formulating crypto market regulations in the country.
A Robust Compliance Program
Tigran Gambaryan, VP of Global Intelligence and Investigations at Binance, praised the exchange’s compliance program, highlighting its comprehensive anti-money laundering (AML) practices and global sanctions principles. He also noted that Binance proactively identifies suspicious accounts and fraudulent activities. Gambaryan expressed gratitude to the Agency for Financial Monitoring of Kazakhstan for their collaborative efforts to address challenges in the growing cryptocurrency industry. These remarks were made during his “Investigations in the Cryptosphere” presentation at a meeting with the Agency.
Chagri Poyraz, the head of Binance’s global sanctions department, also presented a report titled “Typologies of Sanctions Evasion Using Cryptocurrencies and Suppression of Illegal Activities” at the meeting.
The lack of a solid regulatory framework in many countries has hindered the expansion of crypto exchanges like Binance. The Binance Law Enforcement Training Program is helping raise awareness among law enforcement agencies and fostering global cooperation.
CryptoChipy believes Binance’s emphasis on compliance and regulation comes in response to warnings and investigations by financial regulators. Despite these challenges, Binance has managed to resolve concerns and regain approval in certain jurisdictions, including France, Italy, and Spain, where it had previously faced restrictions. The crypto exchange attributes its success in these regions to its improved compliance measures.
