Binance Exchange Cleared to Offer Crypto Services in Kazakhstan

Binance, the world’s largest cryptocurrency trading platform has been granted the In-Principle Approval from the Astana Financial Services Authority (AFSA) to operate a Digital Asset Trading Facility and Provide Custody in the Astana International Financial Centre (AIFC).

This license approval has planted Binance’s feet in Kazakhstan as one of the first trading platforms to be given the nod to operate in the current digital transformation agenda of the country. Despite the approval, the exchange will be required to complete the application process which will finally lead to the award of a full license.

“Kazakhstan has shown itself to be a pioneer in Central Asia crypto adoption and regulation,” said Changpeng Zhao (CZ), founder and CEO of Binance. “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.”

The AFSA has been at the forefront of charting a positive regulatory momentum for the advancement of digital technology in the entering CIS region. Through the efforts of the regulator, the AIFC has been positioned as a global leader in embracing digital currencies as a part of its transformation agenda.

“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 digital assets industry locally and regionally,” said Nurkhat Kushimov, Chief Executive Officer of AFSA.

The Growing Influence of Binance in Kazakhstan

Binance and the government of Kazakhstan have a very deep relationship. This was confirmed by the signing of a Memorandum of Understanding (MoU) between Changpeng Zhao and the Kazakhstani President, Kassym-Jomart Tokayev back in May this year.

The MoU positioned Binance as a key partner in helping the country with digital transformation initiatives, especially as it borders on distributed ledger technology. The granting of the In-Principle Approval is best considered another dividend of the partnership with the nation.

Besides Kazakhstan, Binance has also tapped licenses to operate in Spain, Italy, and France in recent times.