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Binance Licensed in Kazakhstan as Provider of Crypto Exchange and Custody Services

Binance Licensed in Kazakhstan as Provider of Crypto Exchange and Custody Services

Authorities in Kazakhstan have granted Binance a license to operate as a digital asset platform and provide an array of relevant services. While working out of the nation’s financial hub in the capital Nur-Sultan, the crypto exchange will offer registration to customers from other countries as well.

Crypto Exchange Binance Receives License to Operate From Kazakhstan

Binance, the world’s leading cryptocurrency exchange by daily trading volume, has been granted a permanent license by the Astana Financial Services Authority (AFSA), the regulatory body that oversees the Astana International Financial Center (AIFC), Kazakhstan’s financial hub.

The license will allow Binance to extend its services as a digital asset platform operator and work from AIFC as a custodial service provider for global clients. The financial center is based in Kazakhstan’s capital Nur-Sultan (formerly Astana).

The move comes after Binance obtained preliminary approval in August. The permanent authorization gives it the status of a regulated platform in Kazakhstan, the exchange explained. With compliance and security controls, it will now be able to process deposits and withdrawals of fiat money, conversion to cryptocurrencies, and offer storage and exchange trading for crypto assets.

The exchange indicated it plans to expand the range of supported services. Private individuals and legal entities from any other country will be able to register with the Kazakhstan-licensed trading platform, Binance assured in an announcement. Its Director for Asia, Gleb Kostarev, commented:

We welcome Kazakhstan’s intention to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem.

The government in Nur-Sultan has made significant changes to Kazakhstan’s legislation and regulatory environment, setting the highest compliance standards for cryptocurrency platforms in the republic, the executive added.

Kostarev pointed out that the strong regulatory framework has helped AIFC to become a leading platform in the region, facilitating the development of services for digital assets. He also emphasized that Binance is taking another step in its quest to be a compliance-focused exchange.

Binance will support Kazakhstan in what the two sides describe as the safe development of the country’s crypto market. As part of a recently signed Memorandum of Understanding, the crypto exchange and the Central Asian Nation’s Financial Monitoring Agency agreed to share information on financial crimes involving cryptocurrencies.

Kazakhstan, which turned into a major crypto mining hotspot following the crackdown in China, has been taking steps to regulate other sectors of the digital asset industry, too. A local lender and a domestic crypto exchange, Eurasian Bank and Intebix, recently reported conducting a crypto purchase transaction for a client — the first such joint operation in the country, they said.

Do you expect other global crypto trading platforms to seek to acquire a license to operate in Kazakhstan? Tell us in the comments section below.

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Author: Lubomir Tassev

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