The world’s largest crypto exchange Binance has struck again after receiving a permanent license to operate in Kazakhstan. Kazakhstan has become the latest country to grant a permanent license to the platform through the country’s AIFC financial service authority (AFSA) to provide custody services and operate a digital asset exchange platform.
According to a blog post on Thursday, Gleb Kostarev, Asia Regional Head at Binance, stated Kazakhstan’s take-off for the crypto firm. He said,
“We welcome Kazakhstan’s drive to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem. The government has made significant changes to relevant legislation and regulatory environment, thereby setting the highest compliance standards for cryptocurrency platforms. We are proud that cryptocurrency has taken yet another step on the path of being a compliance-focused exchange.”
Binance Efforts Pay Off
Early this month, the Binance firm and Kazakhstan monetary regulators signed a memorandum of understanding (MoU) to create a favorable environment for crypto investors, create a crime-free zone in the crypto space, and establish a safe ecosystem for local users.
At the time, Binance obtained in-principal approval to offer its products and services to Kazakhstan users. Despite the green light to provide crypto services in the country, AFSA still required the firm to complete the application process to operate and deliver digital asset custody services on the AIFC’s platform.
AFSA is an independent regulator of the Astana International Financial Centre (AIFC), overseeing a wide range of digital assets activities in Kazakhstan. AFSA’s authoritative framework for fintech products and services has enabled the AIFC to create a leading regional platform for many regional development sectors.
Binance on Expansion
The permanent license authorization has given the Cayman Islands-based crypto company the go-ahead to work as a regulated platform in Kazakhstan and adhere to its substantial compliance and security controls. The company also has gained authorization on cryptocurrency custody, offering digital asset exchange and conversion services, deposit and withdrawal of fiat currencies, and exchange trading.
There will be online registration for individuals and legal entities regardless of their country of residence and expanding service provision on the platform to users who do not have access to crypto services in their own countries. Kazakhstan has secured a good reputation as a good place for crypto mining because of its local energy prices.
Recently, Binance has gained approval and strengthened its compliance in many countries, including Dubai, France, New Zealand, and many more. In early May, France became the first major European country to give the green light to Binance, allowing it to offer trading and custody services for Bitcoin and other cryptocurrencies and as a digital asset service provider. The Binance CEO Changpeng Zhao described ‘France’ as far more advanced in understanding their interactions and much more progressive.
At the kick-off of this month, the firm also received registration approval to operate as a registered financial service provider with the New Zealand ministry of business, innovation, and employment (MBIE). Zhao Binance also acknowledged the approval to operate in New Zealand, saying as they debut in the country, there is a lot to be learned with kiwis and creating a friendly environment in the transactions and web and safeguarding the future of the crypto industry.
Apart from Binance, other crypto firms have shown their desire to expand their services globally. On September 22 this year, Coinbase, the U.S.-based crypto exchange, gained approval to offer its crypto services and products in the Netherlands. Its support made the company the first major global crypto exchange approved by the Dutch Central Bank (De Nederlandsche Bank — DNB). Coinbase now offers its full suite of crypto services and products to the Dutch market and, by extension, the European Union.