Binance Inches Closer to Obtaining Full Kazakhstan License: Receives Formal Consent

Friday, 06/09/2024 | 09:22 GMT by Arnab Shome

When approved, it will be the country’s first regulated Digital Asset Trading Facility.

The crypto exchange launched its services in the country last year.

The Kazakhstan-based unit of Binance has received formal consent from the Astana Financial Services Authority (AFSA) to grant it a full regulatory license, the crypto exchange announced today (Friday).

Sealing Its Presence in Kazakhstan

With this, it has stepped closer to becoming the first regulated Digital Asset Trading Facility (DATF) operator in the country. Once approved, the license will enable Binance Kazakhstan to offer crypto trading services, engage in dealing investments as a principal, and provide crypto custody services.

The latest development came about five months after the top global crypto exchange obtained ISO 27001 and ISO 27701 certifications for its platforms in Kazakhstan following an audit to ensure their security and reliability.

Vishal Sacheendran, Head of Regional Markets at Binance; Source: LinkedIn

“This achievement reflects our dedication to maintaining the highest standards of compliance, security, and operational excellence,” said Vishal Sacheendran, Head of Regional Markets at Binance. “We look forward to obtaining the full license, continuing to serve our users in Kazakhstan, and contributing to the growth of the local digital asset ecosystem.”

Ensuring Compliances

The crypto exchange emphasized that the authorities in Kazakhstan tested its offerings with a rigorous assessment, evaluating them according to local regulations, including anti-money laundering rules.

Interestingly, a class action lawsuit has alleged Binance’s role in money laundering. It claimed that the crypto exchange allowed criminals to deposit stolen crypto, thereby removing the connection between the ledger and the digital assets, making the stolen cryptocurrencies untraceable.

Binance launched its services in Kazakhstan in June of last year after obtaining a permanent license in the country. It even partnered with a local bank to enable fiat deposits and withdrawals.

Meanwhile, Binance is also reorganizing its operations in multiple regions. Recently, it transferred its South African derivatives operations to its Bahrain subsidiary. It also migrated all UAE users to its locally-licensed entity earlier in June. Furthermore, Binance is among dozens of crypto companies that have applied for crypto licenses in Turkey.

Sealing Its Presence in Kazakhstan

Ensuring Compliances

Binance launched its services in Kazakhstan in June of last year after obtaining a permanent license in the country. It even partnered with a local bank to enable fiat deposits and withdrawals.

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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale. Speakers: Eric Blewitt, CEO, Investment Trends Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC) Michael Bogoevski, Head of Institutional Sales, CMC Connect Karin Setchell, General Manager, Product & Investing Solutions, CommSec #fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance 📣 Stay updated with the latest in finance and trading! Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today: 🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/ 👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents 📸 Instagram: https://www.instagram.com/fmevents_official 🐦 Twitter: https://twitter.com/F_M_events 🎥 TikTok: https://www.tiktok.com/@fmevents_official ▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!