Binance Presidential Approval Develop Crypto Marketplace Kazakhstan

Crypto exchange Binance has won presidential approval to develop a virtual asset marketplace in Kazakhstan.

The news comes after Binance heads signed a memorandum of understanding (MOA) with the Financial Monitoring Agency of the Republic of Kazakhstan.

Binance CEO Changpeng Zhao (CZ) took to Twitter on Monday to announce the signing of the agreement.

Binance and the fight against cybercrime

According to Zhao the latest deal comes as part of the company’s Law Enforcement Training Program (LETP) which has “already taken place in France, Germany, Italy, the UK, Norway, Canada, Brazil, Paraguay, and Israel.” Now Kazakhstan has joined the list of countries participating in the program.

The LETP is designed to help combat financial crimes, including cybercrime wherever it finds a home. 

As CZ himself explained on Twitter, “The signing took place as part of the implementation of our global law enforcement training program, as we fight together against cyber and financial crimes globally.”

A statement from the exchange explained the benefits of the program, which will attempt to identify and block assets “obtained by criminal means, as well as those intended for the legalization (laundering) of proceeds from crime and the financing of terrorism.”

Tigran Ghambaryan, VP of Global Intelligence and Investigations for Binance, said: “Binance has the most robust compliance program in the industry, including anti-money laundering (AML) and global sanctions principles, as well as tools to proactively detect suspicious accounts and fraudulent activity.”

Expansion follows Kiwi launch

Recent moves for Binance in Kazakhstan follows hotly on the heels of news that the company was expanding its reach into New Zealand.

On Friday, Be[In]Crypto reported that the company is set to launch in New Zealand following regulatory approval. Binance is now a registered Financial Service Provider in the country, as it is in European nations including France, Italy, and Spain.


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