Binance Gets Preliminary License to Operate in Kazakhstan

by BSC News

August 18, 2022


Binance’s latest legal success in Kazakhstan is part of its ambitions to create a global presence for the crypto exchange.

Another International Victory

Kazakhstan’s Astana Financial Services Authority (AFSA) has given the preliminary approval of Binance to operate as a Digital Asset Exchange Facility operator and a Custody Provider in the Financial Center Astana International (AIFC).

Exchanges have only been allowed to deploy bank accounts and operate legally in the region since September 2021. Binance must complete all registration procedures, undergo due diligence, and be subject to ongoing monitoring to be fully licensed to operate in the region.

“Large investors seeking new markets need clear-cut and well-managed rules, as well as high standards of regulatory practice. When a regulator meets these requirements, it creates collaboration based on trust and an ecosystem where players can work safely and efficiently. We believe that Binance’s work will further develop this vibrant ecosystem of the digital asset industry locally and regionally,” said Nurkhat Kushimov, Chief Executive Officer of AFSA.

The news from Kazakhstan is another regulatory victory for Binance on its way to expand its development operations globally.

This year, Binance has secured legal approval in several countries, including France, Spain, Abu Dhabi, Bahrain, and Dubai.

"Kazakhstan has shown itself to be a pioneer in Central Asian crypto adoption and regulation. This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well-regulated environment across the globe," CEO Binance Changpeng Zhao (“CZ”) said on the blog.

The Kazakhstan agreement builds on the friendly relationship established between Binance and the country’s government. In May, Binance signed a memorandum of understanding (MOU) with the Kazakhstan government to promote the country's virtual asset market. As part of the partnership, Binance will assist Kazakhstan in developing a crypto regulatory framework and policy.

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