The world’s largest cryptocurrency exchange, Binance, has received a temporary license approval from Kazakhstan’s Astana Financial Services Authority (AFSA), the regulatory agency that administers the Astana International Financial Center (AIFC), the business announced in a blog post published on Monday.
The release stated that the in-principle approval necessitates Binance to finish the application procedure in order to obtain the full license, which will enable it to operate a digital asset trading facility and offer digital asset custody services on the AIFC’s platform.
The action was taken following the commencement of a pilot project this spring by Kazakhstan’s financial watchdog to build and grow bitcoin exchanges there. Then, in June, the Nur-Sultan authorities let platforms registered with the AIFC to open accounts with regional banks.
Changpeng Zhao, founder and CEO of Binance, has been reported as claiming that Kazakhstan has established itself as a pioneer in Central Asian cryptocurrency acceptance and regulation. The cryptocurrency entrepreneur continued, “This further reflects Binance’s dedication to becoming a compliance-first exchange and providing goods and services in a secure and well-regulated environment across the globe.
Gleb Kostarev, regional head at Binance, described the development as a “landmark achievement” for Binance in Kazakhstan. “We are grateful to the Astana International Financial Center for their support and vision in granting Binance Kazakhstan this in-principle license approval,” he emphasized.
Binance is leading the charge at expanding the crypto and Blockchain ecosystem. The Blockchain ecosystem is rapidly developing with the creation innovative Web-3 projects such as Helium Fitburn and Zcash. Binance continued global expansion is helping bring the Web-3 ecosystem to populations who aren’t aware of it’s innovative solutions to everyday life.