Binance Acquires Preliminary Approval To Expand Its Operation In Kazakhstan

Twitter icon  •  Published 1 month ago  •  Nikolas Sargeant

Leading crypto exchange Binance receives initial approval from Kazak authorities to operate in the country.

Leading crypto exchange Binance receives initial approval from Kazak authorities to operate in the country. Binance has been active in expanding its operations into various countries across the globe in 2022.

Approval From The AFSA

Binance is on track to begin offering its services in Kazakhstan, with the crypto exchange giants receiving preliminary approval from the Astana Financial Services Authority (ASFA). While this is just the beginning of the process, it’s a huge step toward becoming licensed to operate as a digital asset trading platform and custody provider in the Astana International Financial Centre (AIFC).

Binance will be pleased with the result, but they still need to complete the application process before it can begin operating. The crypto confirmed as much in a blog post released on Monday.

Kazakhstan has had a long-standing connection with the crypto industry. It is well-known for its crypto mining and is a nation that has pushed for developing a platform for digital assets to flourish. Binance intends to help the country develop rules for digital assets, as we saw in the Central African Republic when Binance CEO Changpeng Zhao (CZ) recently—a country that recently announced Bitcoin (BTC) as legal tender. 

Binance Continues To Expand Abroad

Binance has committed to new global regulatory standards, hiring compliance teams in nations worldwide to ensure that it provides a safe, reliable, and regulated crypto trading platform. 

The firm hopes to win operating licenses worldwide by strengthening its compliance team. We recently saw CZ visiting various African nations to drum up attention for crypto and help governments build a framework for regulating digital assets. 

The exchange has also gained approvals and provisional agreements from other countries and justifications, such as Bulgaria, France, Dubai, Italy, Romania, Portugal, Slovakia, and Spain. 

The company CEO CZ had his say on the company’s commitment to compliance in a recent blog post, stating, "This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well-regulated environment across the globe." 

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.

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