One of leading cryptocurrency exchanges, Binance, has signed a memorandum of understanding (MoU) with the Republic of Kazakhstan’s Agency of Financial Monitoring Authority (AFMA). In this latest agreement, both parties are to aid each other concerning crypto circulation in the region.

The MoU follows Binance’s training program on law enforcement in all regions. It involves regulatory and law enforcement officials from various regions to build up the cryptocurrency industry cooperation with national and international law enforcement bodies in mitigating financial and cybercrime. In addition, the program aims for parties to assist with information exchange regarding the recognition and restriction of unauthorised obtaining of crypto coins or tokens that is used to launder criminal proceeds and finance terrorism.

Crypto Lists finds that it can be dangerous when a crypto exchange got way more knowledge than local authorities and are setting the rules for crypto regulation in a country themselves. Binance may do various type of regulation that is beneficial for them, while being negative for other participants that would like to enter the space of cryptocurrencies. It would be way better if Kazakhstan created a reputable crypto monitoring service, without the help from Binance. First then, it would be a credible government organisation.

Binance puts a foothold on interest in Kazakhstan with MoU

Binance and Kazakhstan’s Agency of Financial Monitoring have indicated a mutual interest in the safe growth of virtual assets in the country. This was through a memorandum of understanding (MoU) that also highlighted the construction of a long-term and robust framework for interaction in the agreement.

In attendance at the Memorandum of Understanding Agreement was the Chairman of the Agency of Financial Monitoring of the Republic of Kazakhstan, Zhanat Kaldybekovich Elimanov, various leaders and employees from the Financial Monitoring Agency of the Republic of Kazakhstan, and the members of the Binance ecosystem – also called the BNB chain.

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The Chief Executive Officer of Binance, Changpeng Zhao, highlighted that the MoU agreement is in alignment with the cryptocurrency’s toward a global law enforcement training program. Binance’s CEO also expressed that the prominent cryptocurrency exchange has plans in combating cyber and financial crime in all regions. Changpeng Zhao announced the agreement over a tweet moments shortly after he surpassed 7 million Twitter followers.

Furthermore, the Binance Law Enforcement Training Program is already underway in various regions. These include the United Kingdom, Brazil, Italy, Norway, Germany, Canada, Paraguay, France, and Israel. The program launch was on the 26th of September. However, the investigation team of the exchange company has been holding workshops for law enforcement for the past year.

Binance and Kazakhstan MoU to ramp up support in cryptosphere

Kazakhstan has emerged as a leading crypto nation for Bitcoin (BTC) mining. It recently developed favourable crypto regulations including crypto exchanges operating bank accounts in the country. The Central Asian nation has already made a stand on legalising crypto more broadly.

The recent MoU agreement is not the first interaction between Kazakhstan and Binance. The cryptocurrency exchange has gained visibility in recent months in the country. In August, the Astana Financial Services Authority (AFSA) issued in-principle approval to Binance to run in the region.

Earlier on, the Kazakhstan Ministry of Digital Development, Innovations, and Aerospace Industry signed an MoU with Binance. The agreement is set to assist the nation to formulate regulations within the crypto market.

A vigorous compliance program

The VP of Global Intelligence and Investigations, Tigran Gambaryan, made remarks about the exchange’s recent agreement with Kazakhstan. He complimented Binance as having the most vigorous compliance program in the industry. These include global sanctions principles and anti-money laundering (AML). It also provides tools to identify dubious accounts and suspicious activities of fraud proactively. He further went on to express gratitude towards the Agency of Financial Monitoring of the Republic of Kazakhstan for its collaboration and dedication to addressing issues in the ever-growing cryptocurrency industry. These comments were during his report on “Investigations in the Cryptosphere”. It was at the meeting with the Agency of Financial Monitoring.


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The head of the exchange’s global sanctions department, Chagri Poyraz, also issued a report during the Binance and the Agency meeting titled “Typologies of sanctions evasion using cryptocurrencies, suppression of illegal activities”.

The absence of a robust crypto regulatory framework in several countries has frustrated the expansion of crypto exchanges such as Binance in such jurisdictions. The Binance Training Program enhances awareness among law enforcement agencies and officials to develop cooperation at a global level.

Crypto Lists believes Binance’s focus on crypto compliance and regulation is on the backdrop of facing several warnings and investigations from financial regulators. Despite this, the crypto exchange has managed to address highlighted concerns and even return to some jurisdictions. These are regions in which it was prohibited previously. These include France and Italy. The crypto exchange firm acknowledged that recent approvals in France, Italy, and Spain are a result of compliance measures it took recently.

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