Binance Receives Approval In-Principle to Operate in Kazakhstan

The biggest cryptocurrency exchange has received a regulatory license to operate as a digital asset service provider in France, Bahrain, Spain, and Dubai since 2022. The Astana Financial Services Authority, or AFSA, an independent financial services regulator in Kazakhstan, has allowed the country’s largest cryptocurrency exchange, Binance, to operate.

AFSA announced Monday that it had granted Binance in-principle authorization to operate as a digital asset trading facility and provide custody services in the Astana International Financial Centre, a financial hub in Nur-capital Sultan’s city. Binance stated in a Monday blog post that it was required to finish the application procedure for approval, which it anticipated to do “in due course.”

According to AFSA CEO Nurkhat Kushimov, the decision to award Binance a license to operate in Kazakhstan could create a “vibrant ecosystem of digital assets industry locally and regionally.” Changpeng Zhao, or CZ, the founder and CEO of Binance, noted that the exchange aspired for a “compliance-first” method, providing products and services “in a safe and well-regulated environment” globally.

CZ met with Kazakhstan President Kassym-Jomart Tokayev in May and signed a letter of agreement to support the country’s “virtual asset market growth.” Binance would assist Kazakhstan in drafting legislative guidelines and regulatory rules for cryptocurrencies under the proposed framework.

Many governments, including the U.S, the United Kingdom, Canada, Japan, and Thailand, tightened down on Binance’s operations in 2021, sending warnings to potential investors and, in some cases, charging the exchange was operating without necessary licensing. However, Binance received a regulatory license to use in France, Bahrain, Spain, and Dubai in 2022.

Featured Image:  DepositPhotos @kongvector.

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