Binance has added another region to the list of its regulated operations. Kazakhstan recently became the new member on the list after its AIFC Financial Services Authority granted a permanent license to Binance, making it a regulated platform in the region.
Binance can now conduct its business at the Astana International Financial Center. The permanent license makes it a valid venture in Kazakhstan and attests to its security controls and strong compliance. Services from Binance that are now valid for people to access are:-
- Deposit & withdrawal of fiat currencies
- Digital asset exchange
- Digital asset conversion
- Cryptocurrency custody
- Exchange trading
Binance received the permanent license following an in-principle approval stating that Binance completed the application to secure authorization permanently. Once the services go into effect, individuals can access the online registration process.
The process will further expand to legal entities irrespective of their residence. This also applies to individuals.
Gleb Kostarev, the Asia Regional Head at Binance, welcomed the drive of Kazakhstan on behalf of the platform while appreciating the government for taking drastic measures to bring changes to the regulatory and legislative environment. Kazakhstan now aims to become a leading player in crypto and digital technologies.
Gleb Kostarev further said that the team was proud that Binance was taking another step toward remaining a regulatory-compliant exchange.
The Financial Services Regulatory Committee is the independent regulator of the Astana International Financial Center. The Committee oversees the operations of digital assets in the region. A strong framework of the Committee has so far helped the Center establish itself as the leading regional platform for developing digital assets services.
Binance is a global name in the crypto ecosystem. The exchange platform was founded in 2017, with BNB as its native token. Over a hundred cryptocurrencies are listed on the platform, and users are at liberty to choose any digital currency for their portfolio and trading purposes.
Binance aims to facilitate the global freedom of money to improve people’s standard of life significantly.
A Binance review highlights that the platform outshined competitors by reporting a 24-hour trading volume of $4 billion. It is the highest number out of all the crypto exchange platforms. Credit majorly goes to the stand of operating only in regulated regions.
eWallets and Mobile Trading are the key features that Binance offers. Users can access their trading activities from anywhere through the Mobile Trading feature of Binance. eWallets help them to deposit and withdraw their funds seamlessly.
Source: https://www.cryptonewsz.com/binance-achieves-permanent-licensing-for-kazakhstans-digital-asset-services/