Binance will help Kazakhstan to monitor financial activities under a MoU

Binance crypto exchange signed a Memorandum of understanding (MoU) with an agency in Kazakhstan to help the country to fight against criminal activities.

Kazakhstan is a Crypto friendly country in the world. In 2021, When China banned cryptocurrencies fully then Kazakhstan welcomed the Chinese crypto mining companies to re-establish their crypto mining businesses under the friendly ecosystem of Kazakhstan. 

On 3 October, Changpeng Zhao, chief executive officer of Binance, informed his Twitter followers that the exchange signed an MoU with a Government agency of Kazakhstan to help the country to monitor financial crimes. 

Zhao said that this MoU with Kazakhstan is a part of the implementation of the exchange’s global law enforcement training program to fight against financial-related criminal activities.

Earlier this, in mid of August of this year, the Binance exchange secured regulatory approval from the Astana Financial Services Authority (AFSA) to provide crypto assets trading services and also to provide crypto custody services in the country.

Kazakhstan’s Ecosystem For Crypto Mining Companies

No doubt that Kazakhstan opened its heart to the crypto mining sector, to generate better opportunities in the country for employment and also to generate some better revenue for the government via tax policies but due to the significant load of electricity the majority of the mining companies are facing huge problems. 

The majority of the crypto mining firm operators said that they are not getting continuous electricity supply and it is a very big issue to run mining operations smoothly. few digital assets mining owners said that If these situations will remain the same in the future then surely companies may plan to go to other countries.

The electricity & power department of Kazakhstan held a meeting regarding the increasing electricity consumption in the country and said that nuclear-powered electricity plans may fulfill the whole needs of the country.

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