Binance has scored a big win in Kazakhstan.

The exchange’s local entity might become the first fully licensed exchange in the country.

The development follows a rigorous multi-stage process of evaluation.

The world’s largest crypto exchange by trading volume, Binance, announced Friday that its local entity in Kazakhstan had secured formal consent from the Astana Financial Services Authority (AFSA) for a full regulatory license.

The development brings Binance Kazakhstan an inch closer to becoming the country’s first fully regulated Digital Asset Trading Facility (DATF), underscoring the exchange’s commitment to regulatory compliance and upholding trust in the broader crypto industry.

Binance Kazakhstan Secures Regulator’s Node

In a statement on September 6, Binance said that its Kazakhstan branch completed a rigorous multi-stage process to obtain AFSA’s pre-approval. This included obtaining ISO certifications for its IT system, passing an external financial audit, and undergoing a rigorous evaluation by AFASA to ensure it met all applicable requirements. Sponsored

Once the license is granted, Binance Kazakhstan will be allowed to establish a virtual assets trading platform and provide a range of services, including buying and selling cryptos, principal investment dealings, and digital asset custody.

Vishal Sacheendran, Binance’s Head of Regional Markets lauded the development, noting that it embodied the exchange’s dedication to compliance, security, and operational excellence.

“We look forward to getting the full license and continuing to serve our users in Kazakhstan and contributing to the growth of the local digital-asset ecosystem,” Sacheendran stated.

Per the statement, Binance’s digital asset trading facility post-licensing will contribute to the growth and development of the domestic crypto landscape while fostering innovation and trust to drive adoption.

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