Bybit and Binance Receives Full Regulatory Nod in Kazakhstan

Crypto exchanges Bybit and Binance secured full authorization in Kazakhstan expanding global reach. Kazakhstan’s financial regulator issued the green light taking it one step closer to becoming a regulated Digital Asset Trading Facility (DATF). Digital assets exchanges continue the race to compliant operations across jurisdictions amid competition. 

Bybit Secures Full Authorization in Kazakhstan 

Bybit announced that it received consent for full authorization from the Astana Financial Services Authority (AFSA). In a Sept 6 release, the company wrote that the move brings the firm closer to a regulated DATF. Ben Zhou, the co-founder and CEO of Bybit explained that the exchange is committed to bringing innovative technology to the country in a dynamic market.

“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market. We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”

The company passed the Anti-money laundering regulations checks including others to secure new operations in the region. Kazakhstan has maintained its stance of full compliance in the crypto space to protect investors. Last year, regulators shut 980 non-compliant crypto exchanges citing the need to combat illicit use and protect users.   Per the release, the crypto exchange will aim toward wider adoption, and institutional-grade security among others. Meanwhile, Bybit listed Hamster Kombat driving growth and traction to the project. 

Binance Highlights Security and Trust 

Like Bybit, Binance also secured the regulatory nod highlighting efforts to maintain the highest levels of trust and security. This was seen in the rigorous assessment undertaken by the financial regulator. 

Vishal Sacheendran, Binance Head of Regional Markets noted that it reflects the dedication of the crypto exchange to compliance and looks to contribute to the ecosystem’s growth.

“As we celebrate this milestone, we look forward to setting a new standard for digital-asset trading facilities in the region. With the full license in place, Binance Kazakhstan is poised to significantly contribute to the growth and development of the local digital-asset ecosystem, further fostering innovation and trust in this dynamic market,” the announcement read. This will enhance digital asset participation in the region and drive wider investment opportunities in the market. 

 In another development, Binance added TON to its Simple Earn Products to increase user offerings. 

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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