Binance will be the first legal crypto exchange in Kazakhstan.
Binance is just one step away from becoming the first fully regulated crypto exchange in Kazakhstan. It reached a milestone by receiving formal approval from the Astana Financial Services Authority (AFSA). This is a major development for the company and reflects its unwavering commitment to regulatory compliance and security in the crypto industry.
Collaborative and educational journey
Binance did not achieve this success overnight. This is the culmination of a two-year journey of collaboration and growth. The company has been working closely with Kazakhstan government organizations to promote blockchain education and adoption. Binance in collaboration with the Ministry of Digital Development, Innovations, Aerospace Industry and Ministry of Education. This partnership has led to the launch of a large-scale blockchain education initiative. The goal of this program is to educate 40 thousand people in Kazakhstan by 2026. This will strengthen the country's leading position in digital technologies.
Binance has put a lot of effort into this partnership. In May 2022, Binance's former CEO Changpeng Zhao met with Kazakhstan's President Kasi-Jomart Tokayev. Their discussions around blockchain and crypto education became the basis for Binance's deep involvement in the country.
From initial approval to full regulatory approval
In October 2022, AFSA granted Binance a permanent license to operate a digital asset platform. The exchange also authorized the provision of custody services by the Astana International Financial Center (AIFC). This was the first license, proof of Binance's strong compliance and security controls. This platform enables it to offer exchange and conversion services, fiat currency deposits and withdrawals along with protection of crypto assets. In the year In 2023, Binance launched a local digital asset platform. Government officials, banking industry representatives and other dignitaries attended the inauguration.
The way forward: a fully regulated exchange
Binance is set to significantly expand its operations in Kazakhstan with the recent AFSA deal. Once the full license is won, the platform will have full authority to operate as a cryptocurrency trading institution. This will enable the company to better serve the local digital asset ecosystem and set a new standard for crypto trading in the country.
From educational initiatives to regulatory achievements, Binance's journey in Kazakhstan underscores its commitment to fostering innovation, trust and growth in this dynamic market.
