- Binance signs an MoU with the Financial Monitoring Agency of Kazakhstan.
- “Binance has the most robust compliance program in the industry”, says VP Tigran.
- Both parties consent to co-operate and support in combating cyber and financial crimes.
The signing of the Memorandum of Understanding (MoU) between Binance, the largest crypto-exchange with the Financial Monitoring Agency of the Republic of Kazakhstan took place on October 3.
Binance CEO Chanpeng Zhao took to Twitter to inform the community about this move:
Today #Binance signed an MoU with the Agency of the Republic of Kazakhstan for Financial Monitoring🇰🇿
The signing took place as part of the implementation of our global law enforcement training program, as we fight together against cyber and financial crimes globally. https://t.co/l29rNDv571
— CZ 🔶 Binance (@cz_binance) October 3, 2022
According to the blog shared on the Binance website, the MoU was signed in the presence of Zhanat Kaldybekovich Elimanov, Chairman of the Financial Monitoring Agency of the Republic of Kazakhstan. More so heads and employees of the monitoring agency, and representatives of the Binance ecosystem witnessed the signing of the MoU.
Moreover, Tigran Ghambaryan, Vice President of Global Intelligence and Investigations of Binance expressed his gratitude to the monitoring agency for their cooperation and commitment to solving problems in the rapidly growing cryptocurrency industry.
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.
As per the agreement, both the parties agreed upon developing virtual asset safely in the markets within the country and pledged for creation of a long-term and sustainable platform for interaction.
As such, the parties will support and co-operate in the identification and blocking of virtual assets obtained by criminal means which includes those intended for the legalization (laundering) of proceeds from crime and the financing of terrorism.
Moreover, Ghambaryan presented a report on the topic “Investigations in The Cryptosphere” and the head of the Global Sanctions Department of Binance, Chagri Poyraz, made a report on the topic “Typologies of Sanctions Evasion Using Cryptocurrencies, Suppression of Illegal Activities” during the gathering.
Fundamentally, the main agenda of the signing of MoU was to implement a global training program for representatives of regulators and law enforcement agencies around the world. Based on those grounds the signing of the MoU will develop the cooperation of the ecosystem with local and international authorities in the combating of cyber and financial crimes.
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