The compliance infrastructure of Binance, according to the company, is among the strongest in the world and has enabled them win regulatory permission in nations where they were previously thought to be illegal until last year.
As part of its global law enforcement training program, the cryptocurrency exchange Binance has inked an agreement (MoU) with the Financial Monitoring Agency of the Republic of Kazakhstan.
The event, which is attended by representatives of international regulatory and law enforcement agencies, aims to improve industry collaboration with local, state, and federal law enforcement in the fight against financial crime and cybercrime.
The program also tries to identify and ban digital assets that were illegally acquired and were being used to finance terrorism and money laundering.
As one of the top countries for mining Bitcoin (BTC), Kazakhstan has recently developed more favourable crypto rules, allowing cryptocurrency exchanges to create bank accounts and even attempting to legalize the usage of cryptocurrencies more generally. In August of this year, Binance received preliminary license to operate in Kazakhstan.
A number of countries, including Israel, Canada, Brazil, France, Germany, Italy, the United Kingdom, and Norway, have offered the Binance law enforcement training program. Although the company’s investigative team has been giving training sessions for law enforcement for the previous year prior to the program’s official launch on September 26.
The rise of cryptocurrency exchanges like Binance in these nations presents its own difficulties because the bulk of them lack any effective regulatory framework for the industry. Thus, Binance intends to increase awareness among law enforcement agencies and officials through the training program in order to foster worldwide cooperation.
The cryptocurrency exchange has turned its attention to compliance and regulations as a result of several warnings and inquiries from financial regulators all around the world. The exchange has improved, though, and has even resumed operations in certain countries where it was previously banned, like France and Italy.
Binance credited the recent compliance efforts it took for its recent regulatory licenses in France, Italy, and Spain.
