Binance receives a licence to operate its cryptocurrency exchange in Kazakhstan

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Binance received a licence to operate its crypto exchange in Kazakhstan a few days after signing a Memorandum of Understanding with the country’s financial regulator.

The world’s leading cryptocurrency exchange, Binance, announced via a blog post on Thursday, October 6th, that it has received a licence from the AIFC Financial Services Authority ( AFSA )

Thanks to this latest development, Binance can now operate a digital asset platform and provide custodial services at the Astana International Financial Centre.

The crypto exchange said it could provide its services as a digital asset platform site operator and custodial service provider at the Astana International Financial Center.

Binance Asia Director Gleb Kostarev said;

“We welcome the intention of Kazakhstan to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem. The government has made significant changes to the legislation and the regulatory environment, thereby setting the highest compliance standards for cryptocurrency platforms in the republic. We are proud to announce that Binance has taken another step in its quest to be a compliance-focused exchange.”

Binance said the permanent licence means that it is now a regulated platform in Kazakhstan. The crypto exchange can offer exchange and conversion services, deposit and withdrawal of fiat currencies, storage of cryptocurrency assets and exchange trading.

Users would be required to register an account with Binance before they can enjoy the services provided by the exchange. The range of services and services of the exchange will constantly be expanding, Binance added.

This latest development comes barely a week after Binance announced that it had signed a Memorandum of Understanding with the Financial Monitoring Agency of the Republic of Kazakhstan.

Per the terms of the agreement, Binance will work with the authorities to identify and block virtual assets obtained by criminal means in addition to those intended for the legalization (laundering) of proceeds from crime and the financing of terrorism.

Binance also gained regulatory approval to operate in New Zealand roughly a week ago.

Binance remains the leading cryptocurrency exchange in the world, and currently processes over $12 billion in daily trading volume.

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