Binance to Become the First Legal Crypto Exchange in Kazakhstan
Binance is just one step away from becoming the first fully regulated crypto exchange in kazakhstan. It has achieved a major milestone by securing formal consent from the Astana Financial Services Authority (AFSA). This is a major development for the company and reflects its unwavering commitment to regulatory compliance and security in the crypto industry.
The Journey of Collaboration and Education
Binance did not get this achievement overnight. This is the culmination of a two year journey of collaboration and development. The company has been working closely with Kazakhstan’s government organizations to advance blockchain education and adoption. Binance partnered with the Ministry of Digital Development, Innovations, Aerospace industry and the Ministry of Education. This partnership resulted in launching a large-scale blockchain education initiative. The motive of this program is to educate 40 thousand people in Kazakhstan by 2026. This will solidify the country’s position as a leader in digital technologies.
Binance had made huge efforts for this partnership. In May 2022, the former CEO of Binance, Changpeng Zhao had a meeting with the president of Kazakhstan, Kassy-Jomart Tokayev. Their discussion regarding blockchain and crypto education became the foundation of Binance’s deep engagement in the country.
From Initial License to Fully Regulatory Consent
In October 2022, AFSA granted Binance a permanent license to operate a digital asset platform. It also allowed the exchange to provide custody services at Astana International Financial Center (AIFC). This was an initial license , a testament to Binance’s robust compliance and security controls. This allowed the platform to offer exchange and conversion services, fiat currency deposits and withdrawals along with custody of crypto assets. In 2023, Binance launched its local digital asset platform. Government officials, representatives from the banking industry and many other prominent people joined the launch.
The Road Ahead : A fully Regulated Exchange
Binance is poised to significantly expand its operations in Kazakhstan with the recent consent from AFSA. Once the full license is won, the platform will be fully authorized to operate as a cryptocurrency trading facility. This will enable the company to better serve the local digital assets ecosystem and set a new standard of crypto trading in the country.
The Journey of Binance in Kazakhstan, from education initiative to regulatory achievements, underscores its commitment to foster innovation, trust and growth in this dynamic market.
