Binance Is Allowed To Provide Cryptocurrency Exchange And Custody Services In Kazakhstan

Binance, the world’s largest cryptocurrency exchange by daily trading volume, has obtained a permanent license from the Astana Financial Services Authority (AFSA), the regulatory agency that governs Kazakhstan’s financial hub, the Astana International Financial Center (AIFC).

Binance received tentative approval in August for the relocation. According to the exchange, the permanent authorization elevates it to the level of a regulated platform in Kazakhstan. With compliance and security measures in place, it will now be able to process deposits and withdrawals of fiat currency, convert to cryptocurrencies, and provide storage and exchange of crypto assets.

Binance will be able to expand its services as a digital asset platform operator and collaborate with AIFC as a custodial service provider for customers around the world through the license. The capital of Kazakhstan, Nur-Sultan, is home to the financial center (formerly Astana).

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The exchange said it intends to expand the range of supported services. Binance said in a statement that natural and legal persons from any other country will be allowed to register on Kazakhstan’s licensed trading platform. Gleb Kostarev, its director for Asia, said:

Nur-Sultan’s government has made substantial reforms to Kazakhstan’s legislative and regulatory environment, setting the highest compliance standards for cryptocurrency platforms in the republic, according to the executive.

We welcome Kazakhstan’s goal of becoming a leader in emerging digital technologies and the bitcoin ecosystem.

According to Kostarev, the strong regulatory environment has helped AIFC become a leading platform in the region, encouraging the development of digital asset services. He also said that Binance is taking a step closer to a compliance-focused exchange.

Binance will help Kazakhstan to safely develop the country’s crypto sector, according to both parties. The crypto exchange and the Central Asian nation’s Financial Surveillance Agency have agreed to share information on financial crimes involving cryptocurrency under a recently signed memorandum of understanding.

Kazakhstan, which has emerged as a major cryptocurrency mining hub following the Chinese crackdown, has also taken steps to control other areas of digital asset activity. Eurasian Bank and Intebix, a local lender and home crypto exchange, recently revealed that they completed a transaction to buy crypto for a client – ​​the first such cooperative operation in the country, they said.

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  • Binance is licensed to provide cryptocurrency exchange and custody services in Kazakhstan
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Binance Is Allowed To Provide Cryptocurrency Exchange And Custody Services In Kazakhstan

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