Liam from Portland

Signed up at Coin Bets 777 33 minutes ago.

» Try Coin Bets 777 too
Do not show again

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.

Rating: 9.5/10
Supply: 166,800,992 / 166,800,992
Release date: July 29, 2017

Description: Have you tried to trade the native BNB cryptocurrency? See how it works and what BNB stands for here.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

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.

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.

by Our Certified Author
BNB Coin Newsflash
    BNB rallies through FUD - most active network in past 24hrsBNB rallies through FUD - most active network in past 24hrs
    Sunday, 18 Dec 2022 3:37 pm
    The BNB Network, most closely associated with the Binance exchange has been the most active blockchain this past day.This is despite glooomy rumors surrounding the company, and withdrawals of roughly $5bn. Ethereum and Polygon comprised the rest of the top three in terms of 24hr activity...
    Read the full newsflash

    No SEC complaints after BNB´s ChangesNo SEC complaints after BNB´s Changes
    Wednesday, 3 Aug 2022 12:33 am
    Binance CEO, ChangPeng Zhao, claims that the SEC probe on whether the BNB token is a security is just the commission asking questions. Yesterday, Binance US delisted a couple of cryptocurrencies that was cited as securities by SEC, writes...
    Read the full newsflash

    CZ from Binance Sue BloombergCZ from Binance Sue Bloomberg
    Sunday, 31 Jul 2022 11:49 am
    The CEO of Binance, Changpeng Zhao aka CZ, is suing Bloomberg Businessweek in the Hong Kong High court. CZ filed a lawsuit for defamation citing the media company's report published on July 6. The content of the publication included false and unproven criminal charges. The Binance CEO confirmed the legitimacy of the publication titled Changpeng Zhao’s Ponzi Scheme from Watcher Guru. The defamation lawsuit also highlights that this recent publication is the 250th issue by Bloomberg Businessweek on CZ along with social media posts on Twitter and Facebook. The Bloomberg Businessweek is under the Modern Media Company. CZ highlighted that the publication from such an influential medium is spreading hate a...
    Read the full newsflash

    Red day for crypto - BNB falling 11% & ETH is down 9%Red day for crypto - BNB falling 11% & ETH is down 9%
    Tuesday, 7 Jun 2022 2:50 pm
    Crypto Lists notice mostly red numbers for crypto coins and tokens. Some of the most remarkable volatility include BNB falling 10.51%, while ETH is down 9.5% and Solana is falling 14.5%. S&P 500 is falling 0.8% in the pre-market trading and Nasdaq is down 1.2%. Will both markets turn when U.S open, or will it continue down? Stay tuned to find out and give Kucoin a try - where you can...
    Read the full newsflash

    Binance Network Makes a Push in IndiaBinance Network Makes a Push in India
    Wednesday, 4 May 2022 5:00 pm
    Binance (see review) has started an initiative in India to educate and empower crypto investors. The company aims to primarily target students and hopes to promote financial freedom through the adoption of crypto, at least BNB. One of these programs is known as the Blockchain for Good Ideathon, and this is focused on solving problems using blockchain technology. In the program, students can attend hands-on workshops that are hosted by experts from Binance blockchain and other reputable individuals. Have you not tried Binance yet? It's one of the top sites, so give Binance a try now!...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
* indicates required
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top