Binance Signs New MOU With Kazakhstan as it Looks to Fight Crimes

Binance exchange, arguably the largest trading platform by trading volume has signed its second Memorandum of Understanding (MoU) with Kazakhstan.

As announced by the company, the latest partnership was inked with the republic’s Financial Monitoring Agency to advance the reach of its global enforcement training targeted at fighting both financial crimes and cybercrimes.

Binance officially launched the Global Law Enforcement Training program last week in an attempt to complement related trading of watchdogs around the world as it has been doing for the past year. Thus far, Binance has held its training for this program in Italy, France, Canada, Germany, Israel, Norway, and the United Kingdom.

The scope of the Kazakhstani partnership will be centered on identifying and blocking cryptocurrencies that were obtained illegally as proceeds of criminal activities which can also be used to finance terrorism.

Binance has played a more frontline position in the broader scheme of things as it concerns keeping the health and sanity of the entire digital currency ecosystem from bad actors. In Binance’s role as a key watchdog keeping oversight of bad actors, it has helped Axie Infinity’s Ronin Bridge recover as much as $5.8 million that the Lazarus Group attempted to launder through it earlier this year.

The MoU with the Kazakhstani Financial Monitoring Agency trails the similar one that was signed by Binance CEO, Changpeng Zhao and the country’s President, Kassym-Jomart Tokayev back in May of this year. 

The broad relationship Binance is building with regulators around the world is benefitting the exchange as it has regained the trust of many who once labeled it unfit to operate within their shores. From France to Italy, Spain, and even Kazakhstan, the trading behemoth has landed approvals to operate its business in these regions and it is looking to explore more partnerships in a bid to expand its broader regulatory reach.

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