Binance Gets Preliminary License To Operate In Kazakhstan
The world’s largest cryptocurrency exchange Binance has been granted a preliminary license to operate crypto services in Kazakhstan.
According to a just-released statement, the Astana Financial Services Authority (AFSA) has given the preliminary approval of Binance to operate as a Digital Asset Exchange Facility operator and Service Provider custody at the Astana International Financial Center (AIFC).
Exchanges are only allowed to deploy bank accounts and operate legally in the region since September 2022. However, the largest exchange in the world must complete all registration procedures, undergo due diligence, and be subject to ongoing monitoring to be fully licensed to operate in the region.
Nurkhat Kushimov, CEO of AFSA said:
“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.”
In May, Binance signed a memorandum of understanding (MOU) with Kazakhstan’s government to promote the country’s virtual asset market. The exchange will assist Kazakhstan in developing a crypto regulatory framework and policy within the cooperation framework.
The exchange has been and is on the verge of expansion. Therefore, the above news does not seem to surprise the community much. Commenting on this milestone, Changpeng Zhao, the CEO, was excited by tweeting:
The move follows a series of regulatory agreements that Binance has reached worldwide, including France, Germany, Spain, Abu Dhabi, Bahrain, and Dubai.
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