Binance secures regulatory approval from Kazakhstan authorities

The biggest cryptocurrency exchange gained a license to operate as a crypto services provider in the Central Asian nation after being granted preliminary approval earlier in August.

According to the Thursday press release, Binance attained a license to operate as a regulated crypto exchange in Kazakhstan. The license, issued by Astana Financial Services Authority (AFSA), grants Binance a right to provide its services as a digital asset platform site operator and custodial service provider at the Astana International Financial Center.

With the green signal from the regulator, Binance will now be able to offer exchange and conversion services, deposit and withdrawal of fiat currencies, storage of cryptocurrency assets, and exchange trading to the country’s 18 million population.

“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,” Gleb Kostarev, Binance's Asia director, said in the press release. “We are proud to announce that Binance has taken another step in its quest to be a compliance-focused exchange.”

Since May 2022, Binance has been gradually establishing its presence in Kazakhstan. The first step was signing the Memorandum of Understanding with the country’s Ministry of Digital Development during the official meeting of Binance CEO Changpeng Zhao with President of Kazakhstan Kassym-Jomart Tokayev. Later in August, the exchange obtained preliminary approval from the country’s regulator, and was finally granted an operational license upon completing the full application process.

Changpeng Zhao and Kassym-Jomart Tokayev shaking hands at MoU agreement.
Changpeng Zhao and Kassym-Jomart Tokayev. Image: Binance

Addressing the signing of an MoU, Changpeng Zhao has praised the country’s robust regulatory framework and crypto-friendliness.

“Kazakhstan is one of the world leaders in the crypto mining industry. The country was one of the first in the world to introduce the legalization of mining,” CZ said in a press release. “We believe that, in full cooperation with the local authorities, Binance can make a great contribution to the development of the local crypto community and blockchain ecosystem in Kazakhstan.”

Earlier, Kazakhstan’s Minister of Digital Development Bagdat Musin revealed the country’s ambitious plans to establish itself as the leading blockchain hub in Central Asia.

“Together with CZ, we considered the Binance roadmap in Kazakhstan. We also discussed the potential of creating a blockchain-oriented VC fund and academy to help local talents from Astana Hub to go global. We really believe Kazakhstan can become a regional hub for international players in the crypto world.”