Binance Gains Approval from Kazakhstan’s Astana Financial Services Authority  

• Binance has obtained formal consent from the Astana Financial Services Authority to operate as a fully regulated trading platform in Kazakhstan.  
• Binance Kazakhstan passed rigorous financial audits and ISO certification, demonstrating commitment to regulatory compliance and industry standards.  
• The full license will allow Binance to trade virtual assets, engage in principal investments, and offer custody services in Kazakhstan.  

Binance has secured formal consent from Kazakhstan’s Astana Financial Services Authority (AFSA), positioning it as the first fully regulated cryptocurrency exchange in the region. This milestone marks Binance’s progress in obtaining a full regulatory license, following extensive financial audits and regulatory inspections.  

Regulatory Approval Moves Binance Forward  

In a Sept 6 announcement, the exchange said the formal consent granted by AFSA brings Binance closer to becoming a fully regulated Digital Asset Trading Facility (DATF) in Kazakhstan. The platform underwent rigorous evaluations, including ISO certifications for its IT systems and external audits, to meet the country’s stringent regulatory requirements.  

Kazakhstan’s Growing Crypto Market  

Kazakhstan has emerged as an attractive destination for cryptocurrency companies, especially after China’s crackdown on crypto mining in 2021. Many digital asset firms have shifted operations to Kazakhstan, drawn by its growing market and energy resources. Despite its appeal, the regulatory environment remains strict, and not all exchanges have successfully navigated these regulations.  

Challenges Faced by Competitors  

While Binance has made significant strides, other exchanges like Coinbase have struggled to enter Kazakhstan. In December 2023, Kazakhstan’s Ministry of Digital Development blocked Coinbase’s operations due to violations of the country’s digital asset laws, specifically for trading uninsured cryptocurrencies. This highlights the challenges faced by foreign exchanges in complying with Kazakhstan’s legal framework.  

Once the full license is granted, Binance Kazakhstan will be authorized to operate a virtual asset trading facility, engage in principal investments, and offer custody services. These developments will enable Binance to strengthen its offerings and contribute to the growth of Kazakhstan’s digital asset ecosystem.