Binance pushes the boundaries. The exchange is preparing to enter the market of Central Asia
One of the largest crypto trading platforms in the world, Binance, will soon receive a license from the authorities of Kazakhstan. This was told by the press service of the exchange in his blog.
Back in May 2022, the general director of the site, Changpeng Zhao, went on an official visit to Astana, where he met with the President of the Republic, Kassym-Zhomart Tokayev, and discussed possible options for cooperation. The functionary offered to help the state with the development of its own blockchain infrastructure, in exchange for providing a license for legal work in the country.
Three months later, Binance management reported that it was as close as possible to obtaining permission and had already received preliminary approval from the Astana Financial Services Authority (AFSA).
“Large investors seeking new markets need clear-cut and well-managed rules, as well as high standards of regulatory practice. When a regulator meets these requirements, it creates collaboration based on trust and an ecosystem where players can work safely and efficiently. We believe that Binance’s work will further develop this vibrant ecosystem of the digital asset industry locally and regionally,” said Nurkhat Kushimov, Chief Executive Officer of AFSA.
The exchange is launching a separate division of Binance Kazakhstan and will be presented as a provider of virtual services within the International Financial Center in Astana. It is worth noting that at the moment the application has not been approved by the authorities, since all the procedures prescribed in the legislation have not been completed.
Recall that earlier Binance has already received permission to work in the United Arab Emirates, Spain and France.