Binance secures a permanent license to offer digital asset services in Kazakhstan

Binance, the world’s leading blockchain ecosystem and digital asset infrastructure provider, has been granted a permanent licence by Kazakhstan’s AIFC Financial Services Authority (AFSA) to operate a digital asset platform and provide custody services at the Astana International Financial Center.

The development follows an earlier in-principle approval stipulating that Binance was to complete the full application process to secure permanent authorization.

The permanent license gives Binance the status of a regulated platform in Kazakhstan and attests to its strong compliance and security controls. The platform will be authorized to offer digital asset exchange and conversion services, deposit and withdrawal of fiat currencies, cryptocurrency custody and exchange trading.

Online registration will be available to individuals and legal entities regardless of their country of residence. The range of services available on the platform is expected to significantly expand over time.

Gleb Kostarev, Asia Regional Head at Binance, said: “We welcome Kazakhstan’s drive to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem. The government has made significant changes to relevant legislation and the regulatory environment, thereby setting the highest compliance standards for cryptocurrency platforms. We are proud that Binance has taken yet another step on the path of being a compliance-focused exchange”.

The Financial Services Regulatory Committee of the Astana International Financial Center (AIFC) is the financial hub’s independent regulator and the only body overseeing activities related to digital assets in Kazakhstan. AFSA’s strong regulatory framework has helped the AIFC establish itself as the leading regional platform for the development of services related to digital assets.