Binance Secures License to Offer Crypto Services in Kazakhstan

The world’s largest cryptocurrency platform – Binance – received a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA) to operate a digital asset platform and provide custodial services in the country.

Earlier this month, the company and the Kazakhstani monetary regulators signed a Memorandum of Understanding (MoU) to create a safe environment for domestic crypto investors and diminish crime in the sector.

• Two months ago, Binance obtained in-principal approval to offer its products and services in Kazakhstan. Despite the green light, the company still had to complete full verification to operate in the Asian nation.
• A recent announcement informed that it doubled down on its presence by securing a permanent authorization from the regulators.
• As a result, Binance is now able to service domestic clients as a digital asset platform site operator and custodial provider.
• Additionally, the trading venue received the necessary authorization to offer exchange and conversion services, storage of cryptocurrency assets and exchange trading, as well as deposit and withdrawal of fiat currencies.
• Gleb Kostarev – Binance Asia Director – highlighted Kazakhstan’s decision to welcome the company. He also praised the local government for making certain legislative changes to embrace the crypto industry.
• It is worth mentioning that Binance has focused much of its efforts on the Central Asian country recently. Earlier this week, it joined forces with the Financial Monitoring Agency of the Republic of Kazakhstan.
• Both parties vowed to launch a joint mission to prevent the usage of cryptocurrencies in criminal affairs and establish a safe ecosystem for locals.