Binance Kazakhstan: First Digital-Asset Platform to Obtain AFSA Consent for Full Regulatory License
Main Takeaways
Binance Kazakhstan received formal consent from the Astana Financial Services Authority (AFSA) for a full regulatory license.
The organization has already completed the steps required for full license to operate in Kazakhstan, including a series of internal and external audits and regulatory inspections.
Binance Kazakhstan will be authorized to operate a virtual assets trading facility, offering a range of virtual assets-related services.
Binance Kazakhstan has secured formal consent from the Astana Financial Services Authority (AFSA) for a full regulatory license â bringing our Kazakhstan entity one step closer to becoming the first fully regulated Digital Asset Trading Facility (DATF) in the country. This achievement is a testament to Binanceâs commitment to maintaining the highest standards of trust, security, and regulatory compliance.
Extensive Review Process
To obtain coveted formal consent, Binance Kazakhstan has gone through a rigorous multi-stage process. This included an External Financial Audit, obtaining ISO certifications for the organizationâs IT systems, and multiple internal and external audits. Furthermore, AFSA conducted a rigorous evaluation of its own to ensure that Binance Kazakhstan met all applicable requirements and maintained top-notch systems and processes.
The Astana Financial Services Authority (AFSA) regulates both financial and non-financial services within the Astana International Financial Centre (AIFC) in Kazakhstan, ensuring a secure and regulated financial environment.
Next Steps
Once the full license is in place, Binance Kazakhstan will be authorized to operate a virtual assets trading facility, engage in principal investment dealings, and offer custody services for virtual assets. This full licensing mode will allow Binance Kazakhstan to enhance its offerings and better serve the local digital asset ecosystem.
Vishal Sacheendran, Binanceâs Head of Regional Markets, expressed enthusiasm about this pre-approval, stating that it reflects the organizationâs dedication to compliance, security, and operational excellence: âWe look forward to getting the full license and continuing to serve our users in Kazakhstan and contributing to the growth of the local digital-asset ecosystem."
As we celebrate this milestone, we look forward to setting a new standard for digital-asset trading facilities in the region. With the full license in place, Binance Kazakhstan is poised to significantly contribute to the growth and development of the local digital-asset ecosystem, further fostering innovation and trust in this dynamic market.