Binance receives Regulatory License in Kazakhstan

Sahana Kiran
Source – Pixabay

Over the last couple of months, the world’s largest crypto exchange by trading volume, Binance has been setting up camp in Kazakhstan. From aiding the government to attaining preliminary approval to operate in the country, the exchange had already left its mark on Kazakhstan regulators. Now, the exchange went on to bag a proper license to function in the region.

As per a recent press release, the exchange affirmed that it had attained a license from the Astana Financial Services Authority [AFSA]. With this green signal, Binance is now considered a regulated crypto exchange in the region.

Through the license, the exchange is allowed to provide digital asset and custody services at the Astana International Financial Center. As mentioned in the press release, Binance would be able to offer deposits, withdrawals, storage of crypto, and trading services.

It should be noted that the exchange garnered preliminary approval for the same back in August. In addition to this, just two days ago, the exchange signed a Memorandum of Understanding with the Agency of the Republic of Kazakhstan for Financial Monitoring.

Binance to dominate Kazakhstan’s crypto scene

As mentioned earlier, the exchange has been collaborating with the Kazakhstan government to regulate the crypto market. In addition to this, the firm has garnered a license to operate in the region. Therefore Binance is likely to dominate the crypto space in Kazakhstan.

Addressing the latest development, Binance’s Asia Director Gleb Kostarev said,

“We welcome the intention of Kazakhstan to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem. The government has made significant changes to the legislation and the regulatory environment, thereby setting the highest compliance standards for cryptocurrency platforms in the republic. We are proud to announce that Binance has taken another step in its quest to be a compliance-focused exchange.”