Binance Kazakhstan, a subsidiary of the global blockchain leader Binance, has secured formal pre-approval from the Astana Financial Services Authority (AFSA), bringing the company closer to obtaining a full regulatory license. The move positions Binance Kazakhstan to become the country’s first fully regulated Digital Asset Trading Facility (DATF).
Significant Regulatory Step
According to a report on Friday, this pre-approval marks a significant step for Binance, underscoring the company’s dedication to complying with local regulations. As Kazakhstan’s interest in blockchain and digital assets grows, Binance is working to establish a strong regional presence.
Thorough Review Process
Before receiving the pre-approval, Binance Kazakhstan underwent an extensive review. The process involved an External Financial Audit, ISO certifications following an audit of its information systems, and internal audits. Regulatory inspections were also completed to ensure full compliance with local laws.
Leadership Welcomes Approval
Vishal Sacheendran, Head of Regional Markets at Binance, expressed his excitement about the pre-approval. He said,
We are very much delighted to receive this formal way of pre-approval from AFSA before we get our full regulatory license.
Future Licensing Capabilities
Once fully licensed, Binance Kazakhstan will be authorized to operate a virtual asset trading platform, engage in principal investment dealings, and offer custody services for digital assets. These new capabilities will allow the company to serve users in Kazakhstan more effectively, enhancing its role in the country’s digital asset ecosystem.
Outrage Grows Over Detained Binance Exec’s Health Decline
The AFSA conducted a detailed evaluation of Binance Kazakhstan’s systems and protocols. This assessment ensured compliance with various regulations, including the AIFC Digital Asset Activities, Conduct of Business Rules, and Anti-Money Laundering (AML) laws.
Commitment to Compliance
The successful evaluation highlights Binance Kazakhstan’s commitment to security and operational excellence. This also demonstrates the regulator’s confidence in the company’s ability to maintain high compliance standards.
As Binance Kazakhstan moves closer to full regulatory approval, the exchange aims to lead the development of Kazakhstan’s blockchain landscape. This regulatory milestone strengthens Binance’s position as a global leader in digital assets. With this pre-approval, Binance is well-positioned to contribute to the growth of the local market, fostering innovation and trust in the region.
