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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Blockchain Association Singapore and Statutory Board JTC Signs MOU Deal

Blockchain Association Singapore (BAS) and statutory board JTC have signed a Memorandum of Understanding (MOU) to collaborate in co-developing and nurturing a virtual blockchain ecosystem. - 2022-05-31T162255.366.jpg

The virtual blockchain ecosystem will be at the Punggol Digital District (PDD) and it will consist of professionals, students, individuals and firms.

According to the MOU, the collaboration will ensure that both sides will leverage each other’s networks to enhance the understanding and know-how of the blockchain industry. Furthermore, the partnership is working on building a community-centric model to develop the PDD into a regional hub for blockchain excellence to connect people, ideas, and businesses, and promote industry excellence.

In regards to the partnership, Chia Hock Lai, Co-Chairman of BAS said: “Through leveraging each other’s networks, we believe that we can further elevate and foster a robust local blockchain ecosystem. Although blockchain technology still is relatively nascent, we are confident that we will be able to drive the development and eventual adoption of blockchain technology within the region.”

The purpose behind the establishment of BAS was to engage collaboration between market participants and stakeholders within the regional and international blockchain ecosystem.

PDD, on the other hand, is the foundation of Singapore’s Smart Nation ambitions where new technologies and an ecosystem of key growth sectors of the digital economy are sited.

While in Singapore’s crypto sector, Ravi Menon, Director of the Monetary Authority of Singapore Managing, defended the need for strict crypto rules to mitigate potential risks facing retail investors and the use of digital assets for money laundering and terrorism financing purposes, Blockchain.News reported.

Menon admitted that: “Our licensing process is stringent. And it needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities.”

While Menon said that currently, crypto does not pose a threat to the financial system, he pointed out that money laundering and terrorism financing are the major risks. Such views differ from those of regulators in nations like India, where the central bank has repeatedly regarded cryptocurrency as a threat to financial stability.

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