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Crypto Exchange Binance Receives Preliminary Approval to Operate in Kazakhstan
The crypto exchange has strengthened its compliance team and enhanced efforts to win operating licenses this year after drawing the ire of regulators.
Updated Oct 17, 2022, 4:14 p.m. Published Aug 15, 2022, 10:45 a.m.
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Crypto exchange Binance has obtained preliminary approval from the Astana Financial Services Authority (AFSA) to operate in Kazakhstan, a step toward becoming licensed to operate as a digital asset trading platform and custody provider in the Astana International Financial Centre (AIFC).
Binance Kazakhstan still needs to complete the full application process before it can start operations, the company said in a blog post on Monday.
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The exchange has been working with Kazakhstan, which is known for crypto mining, to help the country develop rules for digital assets as Kazakhstan looks to bolster its crypto industry. The company said in May that it would help Kazakhstan develop digital asset regulation. At the same time, the exchange has strengthened its compliance team and gained approvals and provisional approvals from other countries and jurisdictions, including France, Dubai and Spain after drawing the ire of regulators in countries such as the U.K. and Japan last year and Uzbekistan and Israel this year.
"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," Binance CEO Changpeng Zhao said in the blog.
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What to know:
- The U.S. Senate's crypto market structure bill has been waylaid by a dispute over something that's not related to market structure: yield on stablecoins.
- The Digital Chamber is offering a response to a position paper circulated earlier this week by bankers who oppose stablecoin yield.
- The crypto group's own principles documents argues that certain rewards are needed on stablecoin acvitity, but that the industry doesn't need to pursue products that directly threaten bank deposits business.
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