Crypto Exchange Binance Receives License To Operate Its Digital Asset Platform In Kazakhstan

Twitter icon  •  Published 1 year ago  •  Nikolas Sargeant

Binance receives a license to operate its cryptocurrency exchange and custody services in Kazakhstan, a few days after signing an MoU with the government.

Binance, the world’s largest cryptocurrency exchange, announced via a blog post on Thursday, that it has received a license from the AIFC Financial Services Authority ( AFSA ) to operate a digital asset platform and provide custodial services at the Astana International Financial Center.

This latest development means that Binance can now operate its cryptocurrency exchange in Kazakhstan. 

Binance said it would be able to provide its services as a digital asset platform site operator and custodial service provider at the Astana International Financial Center. 

The license gives the cryptocurrency exchange the status of a regulated platform in Kazakhstan, with strong compliance and security controls. Furthermore, Binance would be able to offer exchange and conversion services, deposit and withdrawal of fiat currencies, storage of cryptocurrency assets and exchange trading. 

Binance added that registration would be available on the site for individuals and legal entities from any country. The range of services and services of the exchange will constantly be expanding.

While commenting on this latest development, Binance 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.” 

The Financial Services Regulatory Committee of the Astana International Financial Center is an independent regulator of the Astana International Financial Center and the only body regulating activities related to digital assets in Kazakhstan. 

This latest development comes roughly a week after Binance signed a Memorandum of Understanding with the Financial Monitoring Agency of the Republic of Kazakhstan.

The MoU was signed to cement the collaboration between Binance and the Republic of Kazakhstan in the sphere of circulation of crypto assets and information exchange. The two parties will work together to identify and block virtual assets obtained by criminal means, as well as those intended for the legalization (laundering) of proceeds from crime and the financing of terrorism.

Binance also gained regulatory approval to operate in New Zealand a few days ago as the exchange has registered with the New Zealand Ministry of Business, Innovative and Employment (MBIE).

Binance’s continued expansion in Asia and more positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.

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.