As a seasoned analyst with years of experience in the digital asset market, I find Binance’s strategic move to secure a full regulatory license in Kazakhstan as a shrewd and calculated decision. Having closely observed the industry’s ebb and flow, I can attest that navigating the complexities of regulatory landscapes is crucial for any exchange looking to establish itself as a trusted player in the global market.
Binance has received official approval from the Astana Financial Services Authority to function as a fully licensed trading platform within Kazakhstan.
As an analyst, I’m excited to share that Binance, the renowned crypto exchange, is edging closer to becoming the first fully-regulated trading platform within Kazakhstan’s borders. This significant milestone is achieved through obtaining formal approval for a comprehensive regulatory license from the Astana Financial Services Authority.
On September 6th, Binance announced that they are now potentially the first cryptocurrency exchange in the region to hold a full license, as their local branch Binance Kazakhstan has been approved. They went through several financial audits by external entities, obtained ISO certifications for their IT infrastructure, and underwent multiple internal and external audits, as well as regulatory inspections.
After receiving complete authorization, Binance Kazakhstan will have permission to manage a platform for trading virtual assets, make primary investments, and provide storage services for cryptocurrencies, as stated in the official announcement.
Due to China’s restrictions on cryptocurrency mining in 2021, Kazakhstan has grown as a popular destination for crypto companies. Nonetheless, getting into Kazakhstan’s market is tightly controlled, and not every international exchange has been able to adapt to the country’s complex regulatory environment.
Unlike Binance’s smooth journey, U.S.-based crypto exchange Coinbase encountered difficulties in operating in Kazakhstan by December 2023. This was due to violations of Kazakhstan’s digital asset laws, specifically trading uninsured cryptocurrencies on their platform, which the Ministry of Digital Development deemed a breach of Clause 5, Article 11 of Kazakhstan’s Law on Digital Assets that restricts such asset circulation.
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2024-09-06 11:02