Binance Secures Temporary License To Operate In Kazakhstan

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Binance has been granted a temporary license approval from Kazakhstan’s Astana Financial Services Authority (AFSA), the regulatory authority in charge of the Astana International Financial Center (AIFC), according to a blog release from Binance on August 15.

The announcement detailed that the approval requires the behemoth exchange to perfect the application process to earn it the full license, which would allow Binance to run a digital asset reading platform and provide digital asset custody services on the AIFC’s platform.

The approval comes a few months after Kazakhstan’s financial regulatory authority released a pilot project to create and develop cryptocurrency exchanges in the country. In June, Kazakhstan authorities allowed AIFC-registered platforms to create accounts with local banks.

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Commenting on the development, Changpeng Zhao, founder of Binance, noted that “Kazakhstan has shown itself to be a pioneer in Central Asian crypto adoption and regulation.” The Binance CEO further explained: “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.”

Meanwhile, Gleb Kostarev, regional head at Binance, has described the latest development as a “landmark achievement” for the world’s largest cryptocurrency exchange in Kazakhstan. Kostarev stated: “We are grateful to the Astana International Financial Center for their support and vision in granting Binance Kazakhstan this in-principle license approval.”

Kazakhstan became a hot spot for numerous crypto mining firms and operators after China purged itself of the industry in May last year. However, many critics have argued that the mass migration of miners into the country served little to no benefit to Kazakhstan’s economy, considering it doesn’t create many jobs, worsens the growing electricity crisis, returns little tax, and transfers its profits abroad.

This has prompted the government to adopt a combative stance on crypto mining as it clamps down on illegal mining farms, expands registration for miners, increases the surcharge on electricity used by crypto miners, and creates options for mining companies to exchange their minted tokens on domestic exchanges.

Nurkhat Kushimov, the chief executive of AFSA, explained: “Large investors seeking new markets need clear-cut and well-managed rules, as well as high standards of regulatory practice. When a regulator meets these requirements, it creates collaboration based on trust and an ecosystem where players can work safely and efficiently.” Kushimov added: “We believe that Binance’s work will further develop this vibrant ecosystem of the digital asset industry locally and regionally.”