Binance Licensed as Provider of Crypto Exchange and Custody Services in Kazakhstan – Exchanges Bitcoin News
Kazakh authorities have granted Binance a license to operate as a digital asset platform and provide a range of related services. While operating in the country’s financial hub located in the capital city of Nur-Sultan, the crypto exchange also offers registration for customers in other countries.
Crypto Exchange Binance Receives Operating License From Kazakhstan
Binance, the world’s leading cryptocurrency exchange by daily trading volume, has been granted a perpetual license by the Astana Financial Services Authority (AFSA), the regulator that oversees Kazakhstan’s financial hub Astana International Financial Center (AIFC). it was done.
This license will allow Binance to extend its services as a digital asset platform operator and act as a custody service provider for global clients from AIFC. The financial center is based in Nur-Sultan (formerly Astana), the capital of Kazakhstan.
The move comes after Binance obtained preliminary approval in August. The permanent approval gives the platform regulated status in Kazakhstan, the exchange explained. Compliance and security controls will enable you to handle fiat deposits and withdrawals, conversion to cryptocurrencies, storage of crypto assets and offering exchange transactions.
The exchange has indicated plans to expand the range of supported services. Individuals and legal entities from other countries will be able to register on a licensed trading platform in Kazakhstan, Binance assures in an announcement. Director of Asia Gleb Kostarev commented:
We welcome Kazakhstan’s intention to become a major player in the field of new digital technologies and cryptocurrency ecosystems.
The Nur-Sultan government has made significant changes to Kazakhstan’s legal and regulatory environment, setting the highest compliance standards for the republic’s cryptocurrency platforms, the official added.
Kostarev noted that a strong regulatory framework has made AIFC the leading platform in the region, facilitating the development of digital asset services. He also emphasized that Binance is taking another step towards becoming a compliance-focused exchange.
Binance will support Kazakhstan, which both sides describe as a safe development of Kazakhstan’s cryptocurrency market. As part of a recently signed memorandum of understanding, cryptocurrency exchanges and financial regulators of Central Asian countries have agreed to share information on financial crimes involving cryptocurrencies.
Kazakhstan, which has become a major crypto mining hotspot following a crackdown in China, is also taking steps to regulate other sectors of the digital assets industry. Local lenders and domestic cryptocurrency exchanges Eurasian Bank and Intevix recently reported that they have executed cryptocurrency purchase transactions on behalf of their clients.
Do you expect other global cryptocurrency trading platforms to try to obtain a license to operate in Kazakhstan? Let us know in the comments section below.
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Binance Licensed as Provider of Crypto Exchange and Custody Services in Kazakhstan – Exchanges Bitcoin News
Source link Binance Licensed as Provider of Crypto Exchange and Custody Services in Kazakhstan – Exchanges Bitcoin News
