Latest NewsBinance gets in-principle approval to operate in Kazakhstan

Binance gets in-principle approval to operate in Kazakhstan

One of the world’s well-known exchange Binance obtained regulatory approval to provide digital asset services in France, Spain, Bahrain, and Dubai starting in 2022.

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

The Astana International Financial Centre, a significant financial hub in Nur-Sultan, is where Binance will be able to conduct business as a facility for trading digital assets and providing custody services, according to a statement issued by AFSA on Monday. Binance stated in a blog post on Monday that it must finish the application process to receive approval, which the cryptocurrency exchange anticipates doing “in due course.”

Nurkhat Kushimov, CEO of AFSA, asserts that the decision to grant Binance a licence to conduct business in Kazakhstan may have an impact on the development of a “vibrant ecosystem of digital assets industry locally and regionally.” The mission of the exchange, according to CZ, the founder and CEO of Binance, was to provide goods and services “in a safe and well-regulated environment” on a worldwide basis.

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. By the outlined plan, Binance would help Kazakhstan create regulatory and legislative frameworks for cryptocurrencies.

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In 2021, authorities cracked down on Binance’s operations in several countries, including the US, UK, Canada, Japan, and Thailand. They warned prospective investors and in some cases claimed the exchange was operating illegally. However, Binance obtained regulatory approval in 2022 to conduct business in Dubai, France, Bahrain, Spain, and Bahrain.

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