Binance Secures License to Offer Crypto Services in Kazakhstan

The world’s largest cryptocurrency platform, Binance, received a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA) to operate a digital asset platform and provide custody services in the country.

Earlier this month, the company and Kazakh monetary regulators signed a memorandum of understanding (MoU) to create a safe environment for domestic crypto investors and reduce crime in the sector.

  • Two months ago, Binance received primary approval to offer its products and services in Kazakhstan. Despite the green light, the company still had to complete full vetting to operate in the Asian nation.
  • A recent announcement reported that it doubled its presence by obtaining permanent authorization from regulators.
  • As a result, Binance can now serve domestic customers as a digital asset platform site operator and custody provider.
  • In addition, the trading center received the necessary authorization to provide exchange and conversion services, storage of cryptocurrency assets and exchange trading, as well as deposit and withdrawal of fiat currencies.
  • Gleb Kostarev, director of Binance Asia, highlighted Kazakhstan’s decision to welcome the company. He also praised the local government for making certain legislative changes to embrace the crypto industry.
  • It’s worth mentioning that Binance has focused much of its efforts on the Central Asian country recently. Earlier this week, it joined forces with the Financial Supervision Agency of the Republic of Kazakhstan.
  • Both parties pledged to launch a joint mission to prevent the use of cryptocurrencies in criminal matters and establish a safe ecosystem for locals.

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