Thomas Daniels
Binance has achieved a significant milestone by obtaining formal consent from the Astana Financial Services Authority (AFSA) to operate as a fully regulated cryptocurrency trading platform in Kazakhstan. This development positions Binance on the verge of becoming the first exchange in the country to receive a full regulatory license.
In an announcement on September 6, Binance disclosed that its local subsidiary, Binance Kazakhstan, has passed a series of rigorous requirements, including financial audits, IT system ISO certifications, and both internal and external inspections. Once the full license is granted, Binance Kazakhstan will be authorized to offer a range of services, including virtual asset trading, principal investments, and cryptocurrency custody solutions.
Kazakhstan has emerged as a growing hub for the crypto industry, particularly after China’s 2021 ban on cryptocurrency mining, which prompted many digital asset firms to relocate to the region. Despite the country’s appeal, navigating Kazakhstan’s strict regulatory framework remains a challenge for many foreign exchanges.
While Binance is making headway, U.S.-based exchange Coinbase faced setbacks when it was barred from operating in Kazakhstan in December 2023. The Ministry of Digital Development cited Coinbase’s violation of the country’s digital asset laws, particularly Clause 5, Article 11, which prohibits the trading of uninsured cryptocurrencies.
