Binance secures preliminary regulatory approval to operate in Kazakhstan

Aug 25, 2022 #binance

We are happy to announce that Binance has received in-principle approval from the Astana Financial Services Authority (AFSA) to operate a digital asset trading facility and provide custody in the Astana International Financial Center (AIFC).

In-principle approval from AFSA still requires Binance to complete the full application process. Upon the finalization of this step, the company will be able to operate a digital asset trading facility and provide digital asset custody on the AIFC’s platform.

“Kazakhstan has shown itself to be a pioneer in Central Asian crypto adoption and regulation,” said Changpeng Zhao (CZ), founder and CEO of Binance. “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.”

Gleb Kostarev, Regional Head of Asia at Binance, said: “This is a landmark achievement for Binance in Kazakhstan. We are grateful to the Astana International Financial Center for their support and vision in granting Binance Kazakhstan this in-principle license approval.”

AFSA is an independent regulator of the Astana International Financial Center, overseeing a wide spectrum of digital asset-related activities in Kazakhstan. AFSA’s robust regulatory framework for fintech products and services has helped the AIFC to establish itself as the leading regional platform for driving the sector’s development.

“Large investors seeking new markets need clear-cut and well-managed rules, as well as high standards of regulatory practice. When a regulator meets these requirements, it creates collaboration based on trust and an ecosystem where players can work safely and efficiently. We believe that Binance’s work will further develop this vibrant ecosystem of the digital asset industry locally and regionally,” said Nurkhat Kushimov, Chief Executive Officer of AFSA.

About Binance

Binance is the world’s leading blockchain and cryptocurrency infrastructure provider, with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.