Global crypto exchange Binance has signed a Memorandum of Understanding (MoU) with the Financial Supervisory Agency of the Republic of Kazakhstan as part of its global law enforcement training program.

The program, which includes representatives from regulators and law enforcement from around the world, aims to strengthen industry cooperation with national and international law enforcement agencies in the fight against financial and cybercrime.

The program also aims to identify and block illegally obtained digital assets used in money laundering and terrorist financing.

Kazakhstan has become one of the leading countries in bitcoin (BTC) mining, and recently this Central Asian country has also developed favorable regulations for cryptocurrency, such as allowing crypto exchanges to open bank accounts and even attempting to legalize the use of cryptocurrency. Wide. Binance received permission in principle to operate in Kazakhstan at the beginning of August this year.

Gleb Kostarev, Binance’s regional head for Asia, told Cointelegraph that Kazakhstan’s stance on cryptocurrency was one of the main reasons for the partnership. It is to explain:

“The government of Kazakhstan has significantly changed the relevant legislation, legalizing activities in cryptocurrency mining and trading. We see great potential in the country for further growth in the industry, and as leaders we would like to contribute to this.”
Binance Law Enforcement Training Program has been held in Israel, Canada, Brazil, France, Germany, Italy, UK and Norway. The program officially launched on September 26, but the company’s investigative team has been holding law enforcement seminars for a year now.

Related Topics: Binance Signs Memorandum of Agreement with Kazakhstan to Increase Cryptocurrency Use and Regulation

In the absence of any strong regulatory framework for cryptocurrencies in most countries, the expansion of crypto exchanges like Binance in these jurisdictions comes with its own challenges. Through the training program, Binance hopes to raise the awareness of law enforcement and officials to strengthen cooperation on a global level.

The crypto exchange’s focus on compliance and regulations came after it was met with a series of warnings and investigations from financial regulators around the world. However, the exchange has managed to improve and has even re-emerged in several jurisdictions such as Italy and France, where it has been declared illegal.

Binance has attributed its recent regulatory approvals in France, Italy and Spain to its recent compliance efforts.

Source: CoinTelegraph