Binance receives in-principle approval to operate in Kazakhstan

Crypto exchange giant Binance has received an in-principle approval from regulatory bodies in Kazakhstan to operate crypto services. 

According to a release on Monday, the Astana Financial Services Authority (AFSA) has given it the preliminary nod to operate a Digital Asset Trading Facility and Provide Custody in the Astana International Financial Centre (AIFC).

The AFSA is the first regulator in Kazakhstan to grant an in-principle approval to a Binance entity. This still requires Binance to complete the full application process, which is expected in due course. Then, Binance will be able to provide its services as an operator of a Digital Asset Trading Facility and Provider of Custody in the Astana International Financial Centre. 

“Large investors seeking new markets need clear-cut and well-managed rules, as well as high standards of regulatory practice,” said Nurkhat Kushimov, CEO of AFSA. “When a regulator meets these requirements, it creates collaboration based on trust and an ecosystem where players can work safely and efficiently. We believe that Binance’s work will further develop this vibrant ecosystem of digital assets industry locally and regionally.” 

The approval follows a smattering of regulatory agreements for the exchange across Europe and the Middle East. In July, Binance’s Spanish subsidiary was given the go-ahead to operate as a crypto service provider in Spain. The approval had been pending since the end of January and follows European registrations with both France and Italy. The company also recently received licenses to operate in Bahrain and Dubai.

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