Binance Kazakhstan Receives Regulatory Consent for Full License

Binance Kazakhstan has received formal consent from the Astana Financial Services Authority (AFSA) for a full regulatory license. This is a significant step towards achieving a fully regulated Digital Asset Trading Facility (DATF) status, the first of its kind in Kazakhstan.

This was after a rigorous and step-by-step assessment that involved financial audits, ISO certifications, and internal and external assessments. It should be noted that the AFSA, the regulator of financial and non-financial services within the AIFC, has carefully assessed Binance Kazakhstan to ensure compliance with best regulatory practices.

Upon receipt of the full license, Binance Kazakhstan will be allowed to manage a virtual asset trading platform, engage in principal transactions, and custody virtual assets. The company is expected to benefit from these capabilities and provide value to the local digital asset market.

Binance Kazakhstan Set to Offer Virtual Asset Services Following Regulatory Approval

Commenting on the pre-approval, Vishal Sacheendran, the Head of Regional Markets at Binance, said the company looks forward to this, stressing the importance of compliance, security, and operational efficiency. He said that this permission is an important achievement for the company in the journey towards achieving excellence and contributing to developing digital assets in the country.

It is reported that Binance Kazakhstan completed all the necessary procedures before obtaining the license, including an external audit of financial statements and obtaining ISO certificates for information systems. Furthermore, the company underwent internal audits and regulatory inspections to confirm that it meets all the legal standards.

The upcoming license will enable Binance Kazakhstan to provide services associated with a virtual assets trading facility, investment, and custody. This achievement indicates the regulator’s trust in Binance Kazakhstan’s systems, controls, and cybersecurity measures, which have been evaluated rigorously.