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HomeLaw & PoliticsBinance obtains in-principle approval to operate in Kazakhstan

Binance obtains in-principle approval to operate in Kazakhstan

Several crypto mining rigs have been taken down by Kazakh law enforcement authorities in the month of July. The government was compelled to investigate due to the rapid increase in mining activities. Kazakhstan has been working hard to stop crypto-related scams. On August 15, Binance obtained preliminary approval from the Astana Financial Services Authority (AFSA) to operate a digital asset trading facility and provide custody in the Astana International Financial Centre (AIFC).

Binance announced the development in a blog post that it had received clearance and could now launch a digital asset trading facility and offer custody at the Astana International Financial Centre [AIFC].

Binance CEO Changpeng Zhao stated:

“Kazakhstan has established itself as a leader in Central Asian acceptance and regulation of cryptocurrencies. This further demonstrates Binance’s dedication to becoming a compliance-first exchange and offering goods and services in a secure and well-governed setting globally.”

Binance must also finish the application procedure before the exchange is permitted to offer its services in Kazakhstan. Nurkhat Kushimov, the AFSA chairman, remarked before granting permission:

“Large investors looking for new markets require precise, well-managed regulations and high standards of regulatory behaviour. When a regulator satisfies these criteria, it fosters collaboration built on trust and an environment where participants may operate risk-free and effectively. We think that Binance’s efforts will help the local and regional development of this thriving ecosystem of the digital asset business.

Binance is expanding globally as Changpeng Zhao (CZ). With this latest approval, Binance becomes the most licenced crypto exchange globally.

According to reports, Binance and the Kazakhstan Ministry of Digital Development, Innovations, and Aerospace Industry inked a memorandum of understanding [MOU] in May that allows the exchange to assist Kazakhstan in setting up a framework for crypto regulation.

Read more crypto related news on Cryptoshrypto:

 

Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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