Top crypto exchange platform Binance is looking to gain ground in Kazakhstan.
The trading platform was previously unable to provide crypto-related services in the central Asian country.
However, on a Monday release, the Astana Financial Authority (AFSA) has for the first time approved the operation of a digital asset trading facility on Kazakhstani ground.
Also, AFSA will provide custody in the Astana International Financial Centre (AIFC).
This is the first time a Kazakhstani regulating body granted approval for Binance operations in the country. However, the company will still have to go through a full application process.
According to AFSA CEO Nurkhat Kushimov, Binance operating in the nation will contribute to the creation of a thriving environment for the digital asset market both locally and regionally.
“Kazakhstan has shown itself to be a pioneer in Central Asian crypto adoption and regulation,” said founder and CEO of Binance, Changpeng Zhao (CZ). “This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well-regulated environment across the globe.”
In his turn, the regional Head of Asia at Binance, Gleb Kostarev also celebrated the news:
“This is a landmark achievement for Binance in Kazakhstan. We are grateful to the Astana International Financial Center for their support and vision in granting Binance Kazakhstan this in-principle license approval.”
Binance’s Former Embroils With Governments
Binance is responsible for the addition of millions of Crypto investors worldwide.
The company was founded in China by Changpeng Zhao, it didn’t take look for Binance to take over the world and become the leading crypto exchange company. Today the company has nearly 30 million active users on the investment platform.
This is not the first time Binance has had problems with local governments.
Most notably, the company was put on the hot seat in 2019 when the U.S. government banned the company from operating on American grounds.
In response, Binance opened “Binance U.S.”, an American-founded company that was registered under the United States Financial Crimes Enforcement Network.
Later in May 2021, Binance was put under investigation by the United States Department of Justice for money laundering and tax evasion.
The company also faced issues with the governments of the United Kingdom, Japan, France, Germany, Thailand, and Canada. Although the company still has businesses running in several of those countries.
How Binance Outreach Helps Crypto
Binance’s massive outreach and popularity are why many new investors decide to start dealing with cryptocurrency. Their easy-to-use interface combined with their very efficient marketing campaigns has culminated in millions of users worldwide investing daily in cryptocurrencies.
Also, Binance’s services are huge facilitators for people to transfer cryptocurrencies among them.
This means that through its platform, more and more users begin to understand how cryptocurrencies work, and how they can get value out of them.
Binance P2P is the company’s platform built in 2018. Through it, peer-to-peer transactions can be made using local government currencies.
The platform allows users to purchase and trade six cryptocurrencies, including BTC, ETH, BNB, BUSD, DAI, and USDT, utilizing 55 national currencies and more than 150 different payment methods from all around the world.