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Binance Kazakhstan, a subsidiary of the world's largest cryptocurrency exchange Binance, has reached a significant milestone in its journey to become fully regulated in Kazakhstan. The company has received preliminary approval from the Astana Financial Services Authority (AFSA) for a comprehensive regulatory license. This puts Binance Kazakhstan on track to become the country's first fully regulated Digital Asset Trading Facility (DATF) operator.
To achieve this, Binance Kazakhstan underwent a rigorous evaluation process. This included external financial audits, obtaining ISO certifications for its information systems, internal audits, and regulatory inspections. The company has demonstrated its commitment to meeting local regulatory requirements and operating with high standards of security and trustworthiness.
Once fully licensed, Binance Kazakhstan will be authorized to operate a virtual asset trading platform, deal in investments as a principal, and provide custody services for virtual assets. The company has already successfully tested its offerings, passing a thorough assessment by the regulator. This assessment covered various aspects including compliance with AIFC Digital Asset Activities rules, Conduct of Business Rules, Anti-Money Laundering (AML) laws, and other relevant regulations.
Vishal Sacheendran, Head of Regional Markets at Binance, expressed enthusiasm about this development. He emphasized that this pre-approval reflects Binance's dedication to maintaining high standards in compliance, security, and operational excellence. The company looks forward to obtaining the full license and continuing to serve users in Kazakhstan while contributing to the growth of the local digital asset ecosystem.
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