Binance Poised to Become Kazakhstan’s First Fully Regulated Crypto Exchange

Binance is on track to become Kazakhstan’s first fully regulated cryptocurrency exchange.

As of September 6, Binance Kazakhstan has secured “formal consent” from the Astana Financial Services Authority (AFSA) for a complete regulatory license, moving closer to full compliance.

The local branch of Binance has met all licensing requirements, including passing thorough financial audits, acquiring ISO certifications for its IT infrastructure, and undergoing various regulatory inspections.

This license will enable Binance Kazakhstan to operate a virtual assets trading platform, manage investments, and offer crypto custody services.

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This achievement contrasts with Coinbase’s experience, which faced a block in Kazakhstan in December 2023 for breaching local digital asset regulations. While Binance advances, other exchanges in Kazakhstan, like CaspianEx and Bybit, have only received provisional approvals.

Additionally, Binance recently regained its regulatory approval to operate in India after resolving issues related to anti-money laundering regulations. This follows a seven-month suspension and a $2.25 million fine imposed in June.

Alexander Stefanov