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Cryptocurrency exchange Binance has agreed to support Kazakhstan in ensuring the safe development of the countrys crypto market. The trading platform and Kazakhstans financial regulators intend to inform each other about cases involving the use of digital assets for illicit purposes.

The worlds leading coin trading platform, Binance, and Kazakhstans Financial Monitoring Agency have recently signed a Memorandum of Understanding expressing their mutual interest in the safe development of the Central Asian nations virtual assets market.

An announcement explained that the agreement will govern joint efforts to fight crimes involving digital assets. The crypto exchange and the regulatory body plan to share data that can be used to identify and block crypto holdings obtained by criminal means as well as those employed in the laundering of proceeds from crime and the financing of terrorism.

According to Tigran Gambaryan, global head of intelligence and investigations at Binance, the company has the most robust compliance program in the industry, incorporating the principles of anti-money laundering and sanctions compliance as well as tools to detect suspicious accounts and fraudulent activity.

During the meeting, Gambaryan and Chagri Poyraz, who heads Binances global sanctions department, presented reports devoted to investigations in the crypto space and suppression of illegal activities leading to sanctions evasion using cryptocurrencies.

The signing was also attended by the Chairman of the Financial Monitoring Agency of the Republic of Kazakhstan Zhanat Elimanov, executives and employees of the regulatory body, and other representatives of the Binance ecosystem, the exchange noted in a press release.

The memorandum is part of Binances global training program for representatives of regulatory and law enforcement agencies. Its main purpose is to develop cooperation with local and international authorities in the fight against cyber and financial crimes. The initiative has already been implemented in France, Germany, Italy, the U.K., Norway, Canada, Brazil, Paraguay, and Israel.

The agreement follows the signing of another Memorandum of Understanding with Kazakhstans Ministry of Digital Development and Innovation in May, under which Binance will advise the government in Nur-Sultan on crypto regulations. In August, the exchange was granted preliminary approval to provide trading and custody services for digital assets in Kazakhstan, a major crypto mining hub.

Do you expect Kazakhstan to seek assistance from other global crypto companies as it tries to regulate its digital asset economy? Tell us in the comments section below.

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchenss quote: Being a writer is what I am, rather than what I do. Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Binance

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