Bybit and Binance Gain Full Approval in Kazakhstan, Expanding Crypto Operations  

• Bybit and Binance have received licenses to operate as Digital Asset Trading Facilities in Kazakhstan.  
• Kazakhstan’s proactive regulations position the country as a key player in the global cryptocurrency market.  
• The exchanges plan to offer a variety of cryptocurrency services, enhancing digital asset adoption in Kazakhstan and the CIS region.

Kazakhstan has officially granted full regulatory approval to cryptocurrency exchanges Bybit and Binance. This significant move allows both platforms to operate as authorized Digital Asset Trading Facilities under the Astana Financial Services Authority (AFSA). With this development, Kazakhstan is cementing its role as a leading hub for digital asset trading in the Commonwealth of Independent States (CIS).

Boosting Kazakhstan’s Role as a Crypto Powerhouse

Kazakhstan’s regulatory environment is seen as one of the strictest in the region, ensuring that only compliant and transparent exchanges can operate within its borders. Bybit and Binance’s recent approvals mark an important milestone for both companies, reflecting their commitment to upholding high standards of security and compliance. This regulatory achievement positions Kazakhstan as a growing leader in the global cryptocurrency ecosystem.

Strengthening Compliance and Anti-Money Laundering Measures

Bybit has highlighted that its authorization aligns with its mission to introduce innovative technology while ensuring compliance with Kazakhstan’s rigorous financial laws. Ben Zhou, CEO and co-founder of Bybit, stressed the importance of security and transparency as they continue to expand in the region. The company has successfully implemented anti-money laundering (AML) processes to comply with local regulations.

On the other hand, Binance, which also obtained full approval from AFSA, has undergone stringent compliance measures. This included securing ISO certifications and passing external audits. Vishal Sacheendran, Head of Regional Markets at Binance, emphasized the exchange’s dedication to adhering to regulatory standards, underscoring the importance of compliance in its expansion plans.

Expanding Services and Market Opportunities  

Both Bybit and Binance plan to offer various cryptocurrency services, including virtual asset custody and trading. With their newly obtained licenses, the exchanges are well-positioned to capitalize on Kazakhstan’s growing digital asset market. Additionally, their presence will contribute to the wider adoption of cryptocurrencies in the CIS region, further advancing Kazakhstan’s role as a crypto-friendly state.

Kazakhstan’s regulatory authorities have been proactive in shaping a secure and compliant cryptocurrency environment. In recent years, the country has taken down hundreds of non-compliant platforms while establishing legal frameworks to support legitimate crypto operations. The Digital Assets Law, enacted in early 2023, requires exchanges to hold valid licenses, ensuring that Kazakhstan maintains its status as a safe and regulated space for digital asset trading.