Binance 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.