HomeCryptopediaBinance receives preliminary approval to conduct business in Kazakhstan

Binance receives preliminary approval to conduct business in Kazakhstan

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The major cryptocurrency exchange has obtained regulatory approval to operate as a provider of digital asset services in France, Bahrain, Spain, and Dubai starting in 2022.

An important cryptocurrency exchange named Binance is now one step closer to receiving a license to operate in Kazakhstan from the Astana Financial Services Authority, or AFSA, a nation’s independent financial regulator.

In a statement released Monday, AFSA stated that it had given Binance preliminary approval to operate as a digital asset trading facility and offer custody services in the Astana International Financial Centre, a major financial hub in Nur-Sultan. Binance stated in a blog post on Monday that it must finish the application process in order to receive approval, which the cryptocurrency exchange anticipates doing “in due course.”

The decision to grant Binance a license to conduct business in Kazakhstan may result in the growth of a “vibrant ecosystem of digital assets industry locally and regionally,” according to AFSA CEO Nurkhat Kushimov. Changpeng Zhao, the founder, and CEO of Binance, also said that the exchange aimed to provide goods and services “in a safe and well-regulated environment” globally.

 

A memorandum of understanding was signed in May by CZ and Kazakhstan President Kassym-Jomart Tokayev to support the “development of the virtual asset market” in Kazakhstan. In accordance with the outlined plan, Binance would help Kazakhstan create regulatory and legislative frameworks for cryptocurrencies.

Regulators cracked down on Binance’s operations in their respective jurisdictions in 2021, issuing warnings to potential investors and in some cases alleging the exchange was operating without the necessary licenses. These regulators included those in the US, the UK, Canada, Japan, and Thailand. However, Binance obtained regulatory approval in 2022 to conduct business in Dubai, France, Bahrain, Spain, and Bahrain.

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