Kazakhstan Grants a Regulatory License to Binance

Kazakhstan Grants a Regulatory License to Binance
  • Binance will be able to operate as a regulated platform in Kazakhstan.
  • Most recently, Binance announced the launch of a local office in Bucharest, Romania.

The largest cryptocurrency exchange in the world by trading volume, Binance, obtained a license to operate in Kazakhstan, according to a press release on Today. Due to the license from the Astana Financial Services Authority (AFSA), Binance will be able to operate as a regulated platform and offer custody services for digital assets at the Astana International Financial Center. 

Asia Director Gleb Kostarev stated

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.

Binance & Kazakhstan’s Relationship Towards Crypto

The deposits, withdrawals, cryptocurrency holdings, and trading services would all be available via Binance in Kazakhstan. Furthermore, the exchange already had an impact on Kazakhstan regulators through its assistance to the government and acquisition of provisional approval to operate there. 

In addition, Binance and the Agency of the Republic of Kazakhstan for Financial Monitoring recently signed a Memorandum of Understanding (MoU). With this agreement, the parties intend to engage to expand the accessibility to cryptocurrency in the region.

Moreover, Binance announced in May that it would assist the country in creating regulations for digital assets. The exchange has also expanded its legal footstep and received legal authorization and provisional approvals from other countries. While entering Eastern European countries, most recently, Binance announced the launch of a local office in Bucharest, Romania, which would support users for trading in Romanian.

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