The most prominent cryptocurrency trading platform just acquired a regulatory license that will allow it to function as a provider of digital asset services in the countries of France, Bahrain, Spain, and Dubai beginning in 2022.
Binance, the most significant cryptocurrency exchange in Kazakhstan, has been granted permission to operate by the Astana Financial Services Authority, often known as AFSA, which is an independent financial services regulator in Kazakhstan.
The announcement came from the Astana Financial Supervisory Authority (AFSA) on Monday that it had given Binance in-principle permission to conduct business as a digital asset trading facility and provide custody facilities in the Astana International Financial Centre which is a financial hub in the city of Nur-capital Sultan.
In a blog post published on Monday, Binance stated that the company was required to conclude the application procedure to receive clearance, which it anticipated doing “in due course.”
What does the CEO of AFSA say on the Appointment?
The Chief Executive Officer of AFSA, Nurkhat Kushimov, believes that the decision to grant Binance a license to operate in Kazakhstan may result in the development of a “vibrant ecosystem of digital assets industry locally and regionally.”
Binance’s founder and current CEO, Changpeng Zhao, often known as CZ, stated that the cryptocurrency exchange aimed to operate with a “compliance-first” methodology, to offer goods and services “in a safe and well-regulated environment” all over the world.
In May, CZ had a meeting with the President of Kazakhstan, Kassym-Jomart Tokayev, during which they signed a letter of cooperation to assist the “development of the country’s virtual asset market.” Per the structure that has been presented, Binance will offer Kazakhstan assistance in establishing legislative guidelines and regulatory norms for cryptocurrencies.
Binance’s operations came under increased scrutiny in 2021 from several different governments, including the United States, the United Kingdom, Canada, Japan, and Thailand.
These governments issued warnings to prospective investors and, in some cases, accused Binance of operating without the appropriate licensing. However, in 2022, Binance was granted regulatory permission to operate in the countries of France, Bahrain, Spain, and Dubai.