Binance Gets Closer to Securing Full Licence in Kazakhstan
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The Kazakhstan branch of Binance has officially obtained approval from the Astana Financial Services Authority (AFSA), allowing it to hold a full regulatory license. The cryptocurrency exchange shared this news on Friday, marking a significant step in its operations within the region.
This step brings Binance nearer to being the first officially regulated Digital Asset Trading Facility (DATF) operator in Kazakhstan. When the final approval comes through, Binance Kazakhstan can offer crypto trading, handle investments as a principal, and provide secure storage for digital assets.
Binance Aims To Help Grow Kazakhstan’s Digital Assets Worldwide
This recent development comes around five months after the world’s leading cryptocurrency exchange, Binance, achieved ISO 27001 and ISO 27701 certifications for its platforms in Kazakhstan. These certifications were granted after a thorough audit to confirm the security and dependability of their systems.
The Head of Binance Regional Market, Vishal Sacheendran, said the present achievement shows the firm’s commitment to maintaining a high level of compliance, safety, and operational excellence. He stated that the organization is looking for a time when it will have a complete license, contribute to advancing the local digital assets ecosystem, and serve all its users.
The crypto exchange said that the authorities in Kazakhstan carefully examined its services through a detailed process, checking them based on local laws, which included rules to prevent money laundering. Excitingly, a representative action has alleged the role of Binance in money laundering.
The claim states that criminals are allowed to deposit stolen crypto via crypto exchange, bypassing the business connection between the digital assets and the ledgers. As a result, the stolen cryptocurrencies cannot be traced.
The Company Is Moving Its South African Derivatives Business To Bahrain
According to Binance, it launched its services in Kazakhstan in June last year after securing a permanent license there. The company added that it teamed up with a local bank to allow people to deposit and withdraw fiat currency.
The company revealed that it is also restructuring its operations in several areas. It recently moved its South African derivatives business to its Bahrain-based subsidiary. Binance noted that it also moved all its UAE users to its locally licensed entity earlier in June. The company added that it is one of many crypto firms that have applied for licenses to operate in Turkey.
Binance is known as one of the biggest Crypto trading platforms globally, that offers a large scope of Crypto asset services. These include secure storage solutions, investment opportunities, and crypto trading. It was founded by Changpeng Zhao, in 2017, as a result of its extensive selection of cryptocurrencies and user-friendly platform, Binance gained recognition globally.
