● Binance announced that they have obtained in-principle approval from AFSA.
● The exchange team will still need to complete the full application process before Binance can begin trading in Kazakhstan.
● In related news, the price of BNB is down almost 4% at the time of writing.
The largest cryptocurrency exchange by trading volume, Binance, has recently announced in a blog post that they have obtained an “In-Principle Approval from the Astana Financial Services Authority (AFSA).”
#Binance obtains In-Principle Approval from the Astana Financial Services Authority (AFSA) in Kazakstan 🇰🇿@cz_binance: “Kazakhstan has shown itself to be a pioneer in Central Asia crypto adoption and regulation.”
Find out more ⤵️
— Binance (@binance) August 15, 2022
Given this approval, Binance can now operate a Digital Asset Trading Facility as well as provide custody in the Astana International Financial Center (AIFC). According to Binance, the move from the Astana Financial Services Authority (AFSA) “makes it the first regulator in Kazakhstan to grant an in-principle approval to a Binance entity.”
The in-principle approval does not yet mean that Binance can start trading in the jurisdiction, and Binance will be required to complete the full application process, which is expected to be completed in “due course,” according to the exchange platform.
Changpeng Zhao (CZ), the founder and CEO of Binance, stated that “Kazakhstan has shown itself to be a pioneer in Central Asia crypto adoption and regulation.” CZ went on to add that “This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well regulated environment across the globe.”
The CEO of AFSA, Nurkhat Kushimov, stated that
Large investors seeking new markets need clear-cut and well-managed rules, as well as high standards of regulatory practice. When a regulator meets these requirements, it creates collaboration based on trust and an ecosystem where players can work safely and efficiently.
Kushimov added, “We believe that Binance’s work will further develop this vibrant ecosystem of digital assets industry locally and regionally.”
The exciting news has not been relayed through to the trading markets yet, as CoinMarketCap shows that the price of Binance’s native token, Binance Coin (BNB), is down almost 4% at the time of writing.