Crypto Exchange Binance Receives Preliminary Approval to Operate in Kazakhstan

The crypto exchange has strengthened its compliance team and enhanced efforts to win operating licenses this year after drawing the ire of regulators.

AccessTimeIconAug 15, 2022 at 10:45 a.m. UTC
Updated Oct 17, 2022 at 4:14 p.m. UTC

Crypto exchange Binance has obtained preliminary approval from the Astana Financial Services Authority (AFSA) to operate in Kazakhstan, a step toward becoming licensed to operate as a digital asset trading platform and custody provider in the Astana International Financial Centre (AIFC).

Binance Kazakhstan still needs to complete the full application process before it can start operations, the company said in a blog post on Monday.

The exchange has been working with Kazakhstan, which is known for crypto mining, to help the country develop rules for digital assets as Kazakhstan looks to bolster its crypto industry. The company said in May that it would help Kazakhstan develop digital asset regulation. At the same time, the exchange has strengthened its compliance team and gained approvals and provisional approvals from other countries and jurisdictions, including France, Dubai and Spain after drawing the ire of regulators in countries such as the U.K. and Japan last year and Uzbekistan and Israel this year.

"This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well-regulated environment across the globe," Binance CEO Changpeng Zhao said in the blog.


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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.