Binance Kazakhstan receives approval for full crypto license
Binance Kazakhstan receives approval for full crypto license
Binance, one of the world’s leading cryptocurrency exchanges, has moved closer to securing a full crypto license in Kazakhstan. The local platform, Binance Kazakhstan, has received official approval from the Astana International Financial Center’s (AIFC) Financial Services Regulatory Committee (AFSA).
AFSA, an independent regulator in Kazakhstan, oversees financial and market services across sectors like banking, insurance, capital markets, and financial technology. The regulator’s approval signals that Binance Kazakhstan is on the verge of becoming the first fully regulated digital asset trading platform in the country.
Once the final license is granted, Binance Kazakhstan will be able to offer a broader range of services, including expanded virtual asset trading, custody services, and participation in investment transactions. "We look forward to receiving the full license and continuing to serve our clients in Kazakhstan, while contributing to the growth of the local digital asset ecosystem," said Vishal Sachandran, Binance’s Head of Regional Markets.
To gain this approval, Binance Kazakhstan met all the stringent requirements set by AFSA, including both internal and external audits, according to TU Crypto News. This achievement highlights Binance’s commitment to adhering to high standards of trust, security, and regulatory compliance.
Binance first announced its intention to launch a local digital asset platform in Kazakhstan in June 2023, when it received an initial license from AFSA to manage the digital asset platform and custodial services within the AIFC. Since then, the platform has made significant progress, including the introduction of fiat channels and banking services with zero fees, and receiving approval for 101 new tokens for spot trading in May 2024, making it the largest selection among regulated cryptocurrency exchanges in Kazakhstan.
However, due to regulatory restrictions, some products and services remain limited for Binance Kazakhstan users until the full crypto license is granted. Despite these limitations, the platform continues to provide a reliable trading experience while working to comply with local regulations and expand its offerings.
The forthcoming full license from AFSA is expected to further strengthen Binance Kazakhstan's position in the country’s digital asset market and contribute to the broader development of Kazakhstan’s cryptocurrency ecosystem.
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