The Kazakhstan-based unit of Binance has received formal consent from the Astana Financial Services Authority (AFSA) to grant it a full regulatory license, the crypto exchange announced today (Friday).
Sealing Its Presence in Kazakhstan
With this, it has stepped closer to becoming the first regulated Digital Asset Trading Facility (DATF) operator in the country. Once approved, the license will enable Binance Kazakhstan to offer crypto trading services, engage in dealing investments as a principal, and provide crypto custody services.
The latest development came about five months after the top global crypto exchange obtained ISO 27001 and ISO 27701 certifications for its platforms in Kazakhstan following an audit to ensure their security and reliability.
“This achievement reflects our dedication to maintaining the highest standards of compliance, security, and operational excellence,” said Vishal Sacheendran, Head of Regional Markets at Binance. “We look forward to obtaining the full license, continuing to serve our users in Kazakhstan, and contributing to the growth of the local digital asset ecosystem.”
Ensuring Compliances
The crypto exchange emphasized that the authorities in Kazakhstan tested its offerings with a rigorous assessment, evaluating them according to local regulations, including anti-money laundering rules.
Interestingly, a class action lawsuit has alleged Binance’s role in money laundering. It claimed that the crypto exchange allowed criminals to deposit stolen crypto, thereby removing the connection between the ledger and the digital assets, making the stolen cryptocurrencies untraceable.
Binance launched its services in Kazakhstan in June of last year after obtaining a permanent license in the country. It even partnered with a local bank to enable fiat deposits and withdrawals.
Meanwhile, Binance is also reorganizing its operations in multiple regions. Recently, it transferred its South African derivatives operations to its Bahrain subsidiary. It also migrated all UAE users to its locally-licensed entity earlier in June. Furthermore, Binance is among dozens of crypto companies that have applied for crypto licenses in Turkey.
This article was written by Arnab Shome at www.financemagnates.com.
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