Binance has received approval from Kazakhstan’s regulator to obtain a full license

To do so, the exchange passed several audits and received ISO certificates for its IT systems

06.09.2024 - 11:15

3 min

What’s new? The Astana Financial Services Authority (AFSA) has given approval to cryptocurrency platform Binance to obtain a full regulatory license. According to a post on the platform, this approval is more likely to lead the company’s Kazakhstan office to achieve the status of the first fully regulated Digital Asset Trading Facility (DATF) in the country.

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The Exchange re-entered the local market as a legal entity with registration with the Financial Intelligence Unit

To get approval from the regulator, Binance underwent several audits and obtained ISO certifications for its IT systems. Moreover, AFSA conducted a detailed analysis of the company’s operations to confirm that Binance meets all the necessary requirements and has top-notch systems and processes in place. The statement reads as follows:

“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, Binance’s Head of Regional Markets, said that this decision by the regulator reaffirms Binance’s commitment to security compliance and high standards of operation.

US Department of Justice has ordered that outside monitors be given access to documents about Binance’s activities

The condition is part of the exchange’s agreement with authorities to plead guilty to regulatory violations

Earlier we wrote that a group of US investors filed a class action lawsuit against Binance and its founder and former CEO Changpeng Zhao. The plaintiffs claim that the exchange facilitated the laundering of crypto assets stolen from them, as a result of which they suffered losses.

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