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Binance obtains in-principle approval to operate in Kazakhstan

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Binance, a leading crypto exchange, has been granted an in-principle license to operate in Kazakhstan. The financial regulator in the country, Astana Financial Services Authority, confirmed the development in a press release issued on its blog page. The approval means Binance will now provide digital asset trading facilities and custody services in Kazakhstan.

Binance, in a separate post, affirmed the development, saying the firm has now been mandated to complete the application process for full approval. According to the exchange, it intends to complete the full registration “in due course.”

Changpeng Zhao, the CEO of Binance, hinted that the exchange intends to go for compliance first to avail products and services “in a safe and well-regulated environment across the globe.” Additionally, Gleb Kostarev, Regional Head of Asia with Binance, reacted to the development. Kostarev sees the in-principle approval as a landmark achievement for Binance in Kazakhstan. He appreciated the Astana International Financial Center for supporting and keying to the vision of Binance.

Also, the CEO of the Astana Financial Services Authority, Nurkhat Kushimov, reacted to the development. He hinted that the decision to permit the services of Binance in the country would bring about the development of a “vibrant ecosystem of digital assets industry locally and regionally.”

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The AFSA CEO further said that “large investors seeking new markets need clear-cut and well-managed rules, as well as high standards of regulatory practice.” According to him, the moment every regulator meets these requirements, it establishes collaboration premised on trust and an ecosystem where actors can work safely and effectively.

Recall that a few months ago, the Binance CEO signed a memorandum of understanding with Kazakhstan president Kassym-Jomart Tokayev. The deal is geared towards revamping the digital asset economy of the country. As revealed, Binance will play a significant role in actualizing such a feat. The exchange plans to assist Kazakhstan in developing cryptos legislative guidelines and regulatory policies.

The exchange has continued to stand tall despite poor market conditions. In a bid to expand the reach of its services, Binance, in recent times, has obtained numerous licenses in different countries and engaged in many partnership deals. Last July, the exchange obtained an operational license for its Spanish subsidiary, Moon Tech Spain.  Additionally, it expanded its operation to France and Italy in May after obtaining permits from the regulators in both countries.

A few weeks ago, the exchange collaborated with Mastercard to initiate a Binance card in Argentina. However, it says the card is still in beta and will become usable in a few weeks.

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