Binance Obtains License to Operate in Kazakhstan

Quick take:

• Binance has In-Principle Approval to operate in Kazakhstan
• This is not full approval and an application for such will have to be completed
• This is another step in a growing partnership between Binance and Kazakhstan to promote future crypto use

Binance has obtained In-Principle Approval from the Astana Financial Services Authority (AFSA) of Kazakhstan. 

The license approval will help the exchange offer some of its services to customers of Astana International Financial Centre (AIFC). These services include digital asset trading as well as custody services using its technologies.

Binance Exchange is tagged as the largest cryptocurrency trading platform in the world based on the daily volume traded. 

In our recent analysis of the best cryptocurrency exchanges, Binance topped the lists for both Market Presence and Trade Volume. By all measures, Binance is the biggest crypto exchange in the world and this new partnership will help grow its reach. 

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The exchange has had run-ins with regulators in the past, but the founder and Chief Executive Officer, Changpeng Zhao (‘CZ’), is constantly working to keep Binance on the right side of regulators and authorities.   

The receipt of the In-Principle Approval is not full approval. Binance will still need to complete  the full application process in due course. 

"Kazakhstan has shown itself to be a pioneer in Central Asia crypto adoption and regulation," said Changpeng Zhao (CZ) “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."  

Binance's presence in Kazakhstan

The presence of the Binance Exchange in Kazakhstan is one that re-affirms the position of the Kazakhstani government as supporters of crypto. 

Earlier in the year, Binance's CEO met with the President of Kazakhstan, Kassym-Zhomart Tokayev, and other government officials to sign a Memorandum of Understanding (MoU). 

The MoU positions Binance to play a frontline role in integrating banking infrastructure within the cryptocurrency market and facilitating the development and implementation of distributed ledger technology in the country.

The In-Principle Approval can be considered as one of the dividends of the partnership between Binance and Kazakhstan. It aligns with the exchange’s pursuit to secure more licenses from regulators as it has done in Italy, Dubai, and Spain in recent times.