2024

DeFi

Planet

<div class="intro-text">
 Binance is one step closer to becoming Kazakhstan’s first fully regulated crypto exchange. According to a September 6<a href="https://www.binance.com/en/blog/regulation/binance-kazakhstan-first-digitalasset-platform-to-obtain-afsa-consent-for-full-regulatory-license-546932657781842099" rel="noopener noreferrer nofollow"> announcement</a>, Binance Kazakhstan, the exchange’s local branch, has received “formal consent” for a full regulatory license from the Astana Financial Services Authority (AFSA), Kazakhstan’s financial regulator.
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The crypto exchange noted that its Kazakhstan branch has completed all necessary steps for licensing, including extensive external financial audits, obtaining ISO certifications for its IT systems, and undergoing a series of internal and external audits and regulatory inspections.
Once granted, the full license will authorize Binance Kazakhstan to operate a virtual assets trading facility, manage principal investments, and provide custody services for cryptocurrencies. This development marks a significant milestone for Binance in its efforts to comply with local regulations and expand its global presence.
Binance’s success in Kazakhstan stands in contrast to the experience of U.S.-based Coinbase, which was<a href="https://kz.kursiv.media/2023-11-07/lgtn-coinbase/" rel="noopener noreferrer nofollow"> blocked</a> from operating in the country in December 2023 for violating digital asset regulations. Specifically, Coinbase was found to be in violation of Article 11, Clause 5 of the Law on Digital Assets, which restricts unsecured digital assets outside the Astana International Financial Center (AIFC).
Before now, Binance was part of<a style="color: #0000ff;" href="https://kz.kursiv.media/2023-05-30/lgtn-crypto-2/" rel="noopener noreferrer nofollow"> list of the few crypto exchanges operational in the country</a>. These exchanges, which include CaspianEx, Biteeu, ATAIX, Upbit, Xignal&amp;MT, and Bybit, have only received “in-principle” approval from the AFSA and are not yet fully licensed.
This development in Kazakhstan follows<a style="color: #0000ff;" href="https://defi-planet.com/2024/08/binance-resumes-operations-in-india-after-a-seven-month-ban/" rel="noopener noreferrer nofollow"> Binance’s receipt of regulatory approval</a> to resume operations in India after a seven-month ban. On August 15, 2024, Binance confirmed its registration as a reporting entity with India’s Financial Intelligence Unit (FIU). This came after the FIU had blocked Binance and eight other crypto exchanges in January 2024 for violating anti-money laundering laws and operating illegally. The regulator had also <a style="color: #0000ff;" href="https://defi-planet.com/2024/06/indias-fiu-fines-binance-2-25m-for-aml-violations/" rel="noopener noreferrer nofollow">announced a $2.25 million fine </a>for Binance in June.
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The post <a href="https://defi-planet.com/2024/09/binance-set-to-become-first-fully-licensed-crypto-exchange-in-kazakhstan/" rel="noopener noreferrer nofollow">Binance Set to Become First Fully Licensed Crypto Exchange in Kazakhstan</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Binance Set to Become First Fully Licensed Crypto Exchange in Kazakhstan

DeFi Planet

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