Binance gets in-principle approval to operate in Kazakhstan

The world’s largest crypto exchange Binance has received the in-principle approval to provide custody and operate a digital asset trading facility in Kazakhstan. The approval was issued by Astana Financial Services Authority (AFSA).

Representatives of the AFSA noted that obtaining the in-principle approval is an important step that will allow getting a licence from the AIFC.

CEO of AFSA Nurkhat Kushimov noted that Binance’s work in Kazakhstan will help to develop and improve the digital asset industry and will give the country an opportunity to become the crypto hub of the region. Clear rules and high regulatory standards will attract large investors and create an ecosystem where they can work safely and efficiently.

Binance CEO Changpeng Zhao said that Kazakhstan has become the first country in Central Asia to regulate cryptocurrencies. Binance seeks to comply fully with the requirements imposed by regulators in different countries. The company also wants to offer its services and products in a safe environment.

According to Regional Head of Asia at Binance Gleb Kostarev, obtaining the in-principle approval in Kazakhstan has become a landmark achievement for the exchange.

After completing the application for a licence, Binance will be able to provide digital asset custody on the AIFC’s platform.

Binance has already got the in-principle approval in Abu Dhabi and regulatory approvals in Bahrain and Canada. The representatives of the company said that Binance intends to open its first headquarters. It may be placed in the UAE, France or Ireland.

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