Binance, the global blockchain ecosystem and crypto exchange, is extending its footprint in Kazakhstan as it announces Binance Kazakhstan has received a full regulatory licence from the Astana Financial Services Authority (AFSA).
As a result of this new licence, Binance Kazakhstan is one step closer to becoming the first digital asset trading facility (DATF) operator to be fully regulated in the country. The company has undergone an extensive review process to achieve its licence. This includes an external financial audit and obtaining ISO certifications following an audit of the entity’s information systems.
Additionally, the company completed a series of internal audits and external regulatory inspections to ensure compliance with all applicable regulatory requirements.
As a result, the full regulatory licence reflects Binance’s drive to comply with local regulatory regimes. It also underscores its commitment to operating in accordance with the highest standards of trust and security.
Vishal Sacheendran, head of regional markets at Binance
“We are very much delighted to receive this formal way of pre-approval from AFSA before we get our full regulatory license,” said Vishal Sacheendran, head of regional markets at Binance.
“This achievement reflects our dedication to maintaining the highest standards of compliance, security, and operational excellence. We look forward to getting the full license and continuing to serve our users in Kazakhstan and contributing to the growth of the local digital asset ecosystem.”
What happens next?
The upcoming licenses will authorise Binance Kazakhstan to operate a virtual assets trading facility for the exchange of virtual assets. It will also be able to deal with investments as a principal, and offer custody services for virtual assets under a full license mode.
Binance Kazakhstan successfully tested its offerings, passing a rigorous assessment by the regulator. The regulator conducted this evaluation in accordance with the AIFC digital asset activities, conduct of business rules, anti-money laundering (AML) laws, and other applicable regulations. This achievement signifies the regulator’s trust in Binance Kazakhstan’s systems, controls, and cybersecurity protocols.
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