Key Points
- Binance Kazahstan becomes 1st crypto platform to get AFSA consent for a full regulatory license.
- The platform will be authorized to operate a crypto trading facility with a vast range of services.
Binance secures another important milestone for the crypto industry as Binance Kazakhstan has just obtained formal consent from the Astana Financial Services Authority (AFSA) for a full regulatory license.
This means that the crypto platform in Kazakhstan is moving one step closer to becoming the first fully regulated Digital Asset Trading Facility (DATF) in the country.
As noted via the official announcement, this achievement represents a testament to Binance’s commitment to maintaining the highest standards of trust, security, and regulatory compliance.
Extensive Review Process
According to official data, Binance Kazakhstan has gone through a rigorous multi-stage process, in order to be able to obtain coveted formal consent.
The process included the following steps:
- An External Financial Audit
- Obtaining ISO certifications for the organization’s IT systems
- Multiple internal audits
More than that, AFSA conducted a rigorous evaluation of its own to make sure that Binance Kazakhstan has met all applicable requirements and maintained top-notch systems and processes.
The AFSA regulates financial and non-financial services within the Astana International Financial Centre (AIFC) in Kazakhstan, ensuring a secure and regulated financial environment.
What’s Next?
Once the full license is obtained, Binance Kazakhstan will be authorized to perform the following:
- Operate a virtual assets trading facility
- Engage in principal investment dealings
- Offer custody services for virtual assets
The full licensing mode will allow Binance Kazakhstan to boost its offerings and better service the local crypto ecosystem.
Binance‘s Head of Regional Markets, Vishal Sacheendran, expressed his joy regarding this pre-approval, stating that it reflects the organization’s dedication toward the following crucial elements:
- Compliance
- Security
- Operational excellence
He stated, as quoted via the official announcement, that Binance looks forward to getting the full license and continuing to serve users in Kazakhstan, contributing to the growth and development of the local digital asset ecosystem.
This achievement will support setting a new standard for crypto trading facilities, fostering innovation and trust in the ever-evolving market.
