Authorities in Kazakhstan have granted Binance a license to operate as a digital asset platform and provide a range of related services. While operating out of the country’s financial hub in the capital Nur-Sultan, the crypto exchange will also offer subscriptions to customers from other countries.
Cryptocurrency exchange Binance receives operating license from Kazakhstan
Binance, the world’s leading cryptocurrency exchange by daily trading volume, has been granted a perpetual license by the Astana Financial Services Authority (AFSA), the regulator that oversees the Financial Center Astana International (AIFC), the financial center of Kazakhstan.
The license will allow Binance to expand its services as a digital asset platform operator and work from AIFC as a custodian service provider for global clients. The financial center is based in the Kazakh capital Nur-Sultan (formerly Astana).
This move comes after Binance get preliminary approval in August. The perpetual authorization gives it the status of a regulated platform in Kazakhstan, the exchange explained. With security and compliance controls, it will now be able to process fiat deposits and withdrawals, convert to crypto, and provide storage and exchange services for crypto assets. death.
The exchange says it plans to expand the range of supported services. Individuals and legal entities from any other country will be able to register with the licensed trading platform of Kazakhstan, Binance assured in an announcement. Asia Regional Director, Gleb Kostarev, commented:
We welcome Kazakhstan’s intention to become a leader in the new digital technology and cryptocurrency ecosystem.
The government in Nur-Sultan has made significant changes to the laws and regulatory environment of Kazakhstan, setting the highest standards of compliance for crypto platforms in the republic, the director said. operator added.
Kostarev pointed out that a strong regulatory framework has made AIFC a leading platform in the region, facilitating the development of services for digital assets. He also emphasized that Binance is taking another step in its quest to become a compliance-focused exchange.
Binance will support Kazakhstan in what the two sides describe as the secure development of the country’s cryptocurrency market. As part of the recently signed Memorandum of Understanding, the cryptocurrency exchange and the Central Asian National Financial Supervisory Authority agreed to share information about crypto-related financial crimes.
Kazakhstan, which has become a major crypto mining hotspot following the crackdown in China, is also taking steps to regulate other areas of the digital asset industry. A local lender and a domestic crypto exchange, Eurasian Bank and Intebix, recently report they said to make a crypto purchase for a customer – the first such joint operation in the country.
Do you expect other global crypto trading platforms to seek a license to operate in Kazakhstan? Let us know in the comments section below.
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