Cryptocurrency exchange Binance has signed a memorandum of understanding with the Financial Supervisory Agency of the Republic of Kazakhstan as part of its global law enforcement training program.
The programme, in which officials from law enforcement and regulatory organizations from around the world participate, is aimed at strengthen the sector’s cooperation with national and international law enforcement agencies in the fight against financial and digital crime.
The program also aims to identify and block illegally obtained digital assets used for the laundering of criminal proceeds and the financing of terrorism.
Kazakhstan has emerged as a top Bitcoin (BTC) mining nation, and recently the Central Asian nation is also developing pro-crypto regulations, such as allowing exchanges to open bank accounts, and even seeking to legalize the use of crypto assets more widely. Binance got approval in principle to operate in Kazakhstan in the first days of August this year.
Binance’s law enforcement training program has previously been conducted in Israel, Canada, Brazil, France, Germany, Italy, UK, and Norway. The show officially debuted on September 26, but the company’s research team has been running workshops for law enforcement for the past year.
In the absence of a robust regulatory framework for crypto in most countries, the expansion of crypto exchanges like Binance in these jurisdictions comes with its own challenges. Therefore, with the help of the training program, Binance hopes to sensitize law enforcement agencies and officials to develop cooperation globally.
The exchange’s focus on compliance and regulations comes after facing several warnings and investigations from financial regulators around the world. Nevertheless, the exchange has managed to improve and has even returned to several jurisdictions such as Italy and France, where its operations were considered illegal.
Binance attributed its recent regulatory approvals in France, Italy, and Spain to the compliance measures it has recently undertaken.
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