Binance Kazakhstan Receives AFSA Consent for Regulatory License

Cryptocurrency exchange Binance announced on Friday that Binance Kazakhstan “has received formal consent from the Astana Financial Services Authority (AFSA) for a full regulatory license

Binance Kazakhstan has taken a major step toward becoming the first fully regulated Digital Asset Trading Facility (DATF) in Kazakhstan after receiving formal consent from the Astana Financial Services Authority (AFSA) for a full regulatory license.

Binance announced the development on Friday, noting that the approval follows rigorous evaluations.

Binance Kazakhstan Receives AFSA Consent for Regulatory LicenseThe cryptocurrency exchange announced the development on Friday.

“Binance Kazakhstan has received formal consent from the Astana Financial Services Authority (AFSA) for a full regulatory license, marking a significant milestone in its journey to become the first fully regulated Digital Asset Trading Facility (DATF) in the country,” the announcement reads.

Binance Kazakhstan is licensed to conduct virtual asset management, principal investment dealings, and custody services, according to the announcement.

The approval process, which involved passing external financial audits, ISO certifications, and various internal and external audits, was aimed at ensuring compliance with Kazakhstan’s high regulatory standards, Binance explained.

The AFSA, which operates within the Astana International Financial Centre (AIFC), conducted a thorough assessment to ensure regulatory compliance.

Binance’s CEO, Richard Teng, commented on the development, writing on X on Friday:

“Thrilled to share that Binance Kazakhstan has received formal consent by AFSA for a full regulatory license!

“We look forward to maintaining the highest standards of trust, security & regulatory compliance in the region.”

Binance Kazakhstan is a joint venture between the world’s leading cryptocurrency exchange and Kazakh partners. The venture was established in 2022 and is licensed by the AFSA to operate a DATF within the AIFC.

Binance, which was founded in China, is gradually expanding its operations in Kazakhstan. In January, the exchange announced the launch of Binance Pay in the country, enabling users to make crypto payments at merchants across Kazakhstan.

The exchange also announced plans to launch a $1 billion fund to support the Kazakh government’s efforts to develop the country’s digital economy.

What do you think about Binance Kazakhstan becoming the first fully regulated DATF in the country? Let us know in the comments section below.

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