Binance, the world’s largest cryptocurrency exchange, has received consent to operate in Kazakhstan.
According to the blog post on the website, Binance Kazakhstan is on its way to becoming the region’s first fully licensed crypto exchange. The Astana Financial Services Authority (AFSA) recently recognized the firm.
Binance’s Kazakhstan Breakthrough
Binance Kazakhstan passed through several external financial audits and received ISO certifications for its IT systems. These certifications are important to ensure top security standards and operational efficiency.
Additionally, the exchange faced internal audits and regulatory inspections. All of these exercises are to verify its compliance with the country’s legal framework. After obtaining the full license, Binance Kazakhstan will participate in various cryptocurrency activities.
These activities include running a virtual asset trading platform, managing investments, and providing custody services for digital assets. For Binance, this milestone points to its global footprint while enhancing its credibility as a top crypto marketplace.
The AFSA approval affirms Binance’s alignment with international regulatory standards. It also shows its positive switch to managing its business irrespective of different rules.
As Binance continues to expand into new markets, its success in Kazakhstan may serve as a model for future licensing efforts in other countries.
Legal Troubles Persist as Binance Adapts Operations
Binance is facing regulatory issues around the world, including in South Africa. However, the company is trying to adapt to the changing legal environment.
A few days ago, Binance Bahrain stepped up to offer derivative products to its South African customers, in line with its goal of meeting legal requirements.
Meanwhile, the trial of Binance’s executive Tigran Gambaryan is to start in Nigeria, proving an unending problem with the authorities. Also, the Binance vs. SEC case is still ongoing.
In a major twist, about 10 attorneys representing Changpeng ‘CZ’ Zhao have withdrawn from the case. Nevertheless, Binance has continued to explore new possibilities for its services while aspiring to meet the standards set in its operating areas.
For instance, the trading firm has appointed Grant Thornton as its accounting and tax advisor. In the future, it plans to do more to please regulators in the countries in which it operates.
Binance Ex-CEO’s Era Ends With a Lifetime Ban
The exchange co-founder Changpeng Zhao started the push into Kazakhstan in 2021. However, his leadership period ceased after he was charged and sent to prison in the US.
Among other things, he was indicted for not doing enough to combat money laundering. To address these concerns, Zhao stepped down from his position as chief executive officer in November 2023 and agreed not to work in any management capacity.
This implies a complete ban for life from managing the cryptocurrency exchange. Nonetheless, he is still Binance’s biggest shareholder, meaning he still has a say in how the company runs.
The exchange’s board has increased from one director to seven, including Zhao. Notably, this reorganization seeks to enhance the company’s governance. L
ikewise, the US Department of Justice has engaged two external agents to oversee Binance’s business and enforce the agreement made. Zhao is set to be released this month after spending about three months at the Federal Correctional Institution in Lompoc, California.
