Binance Secures Preliminary Regulatory Approval in Kazakhstan

September 06, 2024

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Binance, the largest crypto exchange globally, announced that its local branch in Kazakhstan has secured a preliminary approval from the Astana Financial Services Authority (AFSA) ahead of a complete regulatory license. The secured nod will allow the trading platform to operate a digital asset trading facility and provide custody services in the country.

Binance Faces Stringent Assessment for Full Regulatory Approval

In a detailed post released earlier today, Binance Kazakhstan has completed a thorough, multi-stage process to secure pre-approval from AFSA. The trading platform disclosed that its Kazakhstan branch underwent and is still undergoing a comprehensive evaluation by AFSA to ensure full compliance.

The exchange noted that all these processes are necessary to become the nation’s premier fully regulated Digital Asset Trading Facility (DATF). Once the regulatory agency greenlights the license, Binance Kazakhstan will be able to offer various services, such as crypto trading, investment activities, and digital asset custody.

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Impressively, Binance has expanded its crypto services to numerous countries, such as Canada, Australia, Japan, Germany, the United Kingdom, and many more. Due to Richard Teng’s secret trip in March, speculations are arising about the potential launch of a Binance branch in South Korea.

Significance of Binance’s Presence in Kazakhstan

Binance’s establishment in Kazakhstan is set to be very important for the country. The exchange will offer guidance on creating the legal system and regulatory framework for digital assets in the Republic of Kazakhstan.

Notably, the exchange signed a Memorandum of Understanding (MoU) with the Central Asian government in 2022. The partnership aimed to bring innovative services to the country and assist it in developing the digital assets market.

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Binance, which is still committed to this cooperation agreement, will help boost the country’s position in the global crypto market and contribute to its growth and evolution of the domestic financial landscape.

Kazakhstan, a Crypto-Friendly Country

Over the years, Central Asia has been recognized as a rapidly growing cryptocurrency hub globally. In 2022, the country revealed its plans to float a new platform to convert digital assets to fiat. Infact, the country is recognized for its favorable tax environment for crypto miners. Kazakhstan has proactively regulated digital asset service providers to ensure compliance with Anti-Money Laundering (AML) procedures and Know-Your-Customers (KYC) protocols.