MEXCBinance Strengthens Stronghold In Kazakhstan Amid Massive Crypto Adoption
The world’s largest crypto exchange Binance further strengthens its position in Kazakhstan after receiving a permanent license from the AIFC Financial Services Authority (AFSA) on Thursday. The license allows the crypto exchange to operate a digital asset platform and offer custody services in the country.
Binance Receives Permanent License from Kazakhstan’s AFSA
Crypto exchange Binance on October 6 received a permanent license from the AFSA to operate a digital asset platform and offer custody services at the Astana International Financial Center. Binance began to work on crypto adoption and regulation in Kazakhstan in May, it has since increased its presence massively in the country.
The permanent license means Binance has become a regulated crypto platform in the country. It will offer exchange and conversion services, deposit and withdrawal of fiat currencies, storage of cryptocurrency assets, and exchange trading.
Binance Asia Director Gleb Kostarev said:
“We welcome the intention of Kazakhstan to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem. The government has made significant changes to the legislation and the regulatory environment, thereby setting the highest compliance standards for cryptocurrency platforms in the republic.”
Crypto Adoption in Kazakhstan
After receiving preliminary approval from the AFSA in August, Binance has worked significantly to contribute to crypto adoption in Kazakhstan. In fact, Kazakhstan President Kassym-Jomart Tokayev announced the development of a regional hub by Binance.
Furthermore, Kazakhstan has also presented a draft law on crypto mining in order to efficiently regulate crypto mining. The government has also completed a test run with banks and crypto exchanges to legalize crypto transactions.
On Monday, Binance signed a Memorandum of Understanding (MOU) with the Financial Monitoring Agency of the Republic of Kazakhstan. The exchange will work to identify and block illegal crypto assets, as well as crypto related to money laundering and terrorism financing.
Binance has expanded the Binance Law Enforcement Training Program in Kazakhstan. It will help the country fight against cyber and financial crimes.
- Crypto Market Tumbles as Jerome Powell Says December Rate Cut ‘Far From Certain’
- FOMC Meeting: Federal Reserve Lowers Interest Rates by 25 Bps in Second Cut of the Year
- WLF Token Jumps 7% as Former Robinhood Counsel Joins Trump-Backed World Liberty Financial
- Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge
- Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
