- Binance has received approval from the financial regulator of Kazakhstan to operate in the international financial center of Astana.
- The exchange still has more in the application process to complete, which it expects to do in due course.
- The Founder and CEO Changpeng Zhao had previously met with the country’s president to discuss regulations.
Binance received approval from another country to operate, with Kazakhstan’s Astana Financial Services Authority (AFSA) granting it a license to serve as a digital asset trading system and provide custody to the Astana International Financial Center (AIFC). Binance made the announcement on August 15, saying it would still need to complete the entire application process, which will happen in due course.
#Binance gets approval in principle from Astana Financial Services Authority (AFSA) in Kazakstan 🇰 🇿@cz_binance: “Kazakhstan has proven to be a pioneer in crypto adoption and regulation in Central Asia.”
Learn more ⤵️
— Binance (@binance) August 15, 2022
Binance has taken steps to meet compliance requirements in various countries, as have other exchanges. Binance Founder and CEO Changpeng Zhao previously met with President of Kazakhstan Kassym-Jomart Tokayev to discuss the regulations. The agenda for the meeting was to help draft legislation and a regulatory framework, which appears to be progressing.
Zhao said about approval and emphasis on compliance,
“Kazakhstan has proven to be a pioneer in the adoption and regulation of crypto in Central Asia. It further signifies Binance’s commitment to being a compliance-focused exchange and providing products and services in a safe and well-regulated environment across the globe. “
The need to follow regulations and comply with local AML and KYC laws has become of paramount importance for stock exchanges. Most major crypto exchanges are taking related action or risk incurring the wrath of regulators, who have increased their scrutiny of the crypto industry.
Binance is keen on compliance as it aims for a global presence
Binance is of course among the exchanges that seek to adhere to the laws. The exchange, one of the most popular in the world, has been targeted by some regulators, but over the past 12 months Binance has worked to appease them.
Zhao himself spearheaded this movement towards conformity. He met with several eminent personalities to discuss the issue, including Faustin-Archange Touadéra, the President of the Central African Republic. He also spoke with the Turkish Finance Minister about blockchain technology and cryptography.
This does not mean that there are no challenges for the exchange. The U.S. Securities and Exchange Commission (SEC) would investigate the exchange and would do the same for all other major exchanges, according to a staffer in Senator Cynthia Lummis’ office.
