Popular cryptocurrency exchange, Binance has signed a Memorandum Of Understanding with the Financial Monitoring Agency of the Republic of Kazakhstan. The crypto exchange announced the development in its Monday blog post. According to the agreement, both parties will work towards ensuring the “safe development of virtual asset markets in the country.”
Also, the crypto exchange says the collaboration will enhance the “creation of a long-term and sustainable platform for interaction.” As revealed, the meeting was graced by the chairman of the Financial Monitoring Agency of the Republic of Kazakhstan, Zhanat Kaldybekovich, “heads and employees of the Financial Monitoring Agency of the Republic of Kazakhstan, and representatives of the Binance ecosystem.”
Notably, the collaboration tends to also foster the “cooperation and mutual support of the parties in the sphere of circulation of crypto assets and information exchange, in the identification and blocking of virtual assets obtained by criminal means, as well as those intended for the legalization (laundering) of proceeds from crime and the financing of terrorism.”
According to Binance, the development came as part of the implementation of a global training program for representatives of “regulators and law enforcement agencies around the world.” It says the MOU will help develop the cooperation of the ecosystem with authorities against cyber and financial crimes. The crypto exchange expresses readiness to sustain its efforts towards fostering crypto assets across the globe.
Binance possesses the most robust compliance program in the industry – Ghambaryan
Tigran Ghambaryan, VP of Global Intelligence and Investigations with Binance reacted to the development. According to him, Binance possesses “the most robust compliance program in the industry.” Additionally, Ghambaryan hinted that the exchange strictly adheres to anti-money laundering (AML) and global sanctions principles.
Additionally, he added that Binance usually explores effective tools in proactively detect suspicious accounts and fraudulent activity. The VP, however appreciated the agency for their “cooperation and commitment to solving problems in the rapidly growing cryptocurrency industry.” He added that the exchange is looking forward to implementing the terms of the agreement with the country.
At the meeting with the Kazakhstan, Tigran Gambaryan, Vice President for Global Intelligence and Investigations of Binance, presented a report. He identified the title of the presentation as “Investigations in the cryptosphere.” More so, the head of the global sanctions department of Binance, Chagri Poyraz, presented a report, titled “Typologies of sanctions evasion using cryptocurrencies, suppression of illegal activities.”
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