Binance Receives Preliminary Approval To Operate in Kazakhstan

Binance has been granted preliminary approval to operate in Kazakhstan. The in-principle approval comes from the Astana Financial Services Authority (AFSA), the first Kazakhstani regulator to grant Binance this type of approval. With the approval, the well-known cryptocurrency exchange can operate as a Digital Asset Trading Facility and provide custodial services in the Astana International Financial Centre (AIFC).

Despite receiving in-principle approval from AFSA, Binance is still expected to undergo the entire application process in the future.

Binance has recently received various regulatory approvals from many countries around the world. The reputable exchange hopes to gain more approvals from Kazakhstan’s regulatory bodies.

The CEO of Binance, Changpeng Zhao (CZ), had this to say about the approval:

“Kazakhstan has shown itself to be a pioneer in Central Asia’s crypto adoption and regulation. This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well regulated environment across the globe. ”

Gleb Kostarev, Binance’s Regional Head of Asia, commented, “This is a landmark achievement for Binance in Kazakhstan. We are grateful to the Astana International Financial Centre for their support and vision in granting Binance Kazakhstan this in-principle license approval.”

Nurkhat Kushimov, CEO of AFSA, was quoted as saying,

“Large investors seeking new markets need clear-cut and well-managed rules, as well as high standards of regulatory practice. When a regulator meets these requirements, it creates collaboration based on trust and an ecosystem where players can work safely and efficiently. We believe that Binance’s work will further develop this vibrant ecosystem of digital assets industry locally and regionally.”