News

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.
Binance Gets Preliminary License To Operate In Kazakhstan 3

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.”

Binance Gets Preliminary License To Operate In Kazakhstan 4

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

22 mins ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

22 mins ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

3 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

5 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

8 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

9 hours ago

This website uses cookies.