16/08/22

FINTECH: Binance obtains approval to operate in AIFC.

As published on inform.kz, Tuesday 16 August, 2022.

Binance, the world’s largest crypto exchange, has received its In-Principle Approval from the Astana Financial Services Authority (AFSA) to operate a Digital Asset Trading Facility and Provide Custody in the Astana International Financial Centre (AIFC). AIFC is the first financial centre in the Commonwealth of Independent States (CIS) to have started working with Binance, AIFC press office informs.

AFSA is an independent regulator of the Astana International Financial Centre and a unique body that regulates activities relating to digital assets in Kazakhstan and the wider region of the CIS. AFSA’s robust regulatory framework governing FinTech has helped the AIFC to establish itself as the leading regional platform for the development of services involving digital assets.

«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 digital assets industry locally and regionally,» said Nurkhat Kushimov, Chief Executive Officer of AFSA.

AFSA’s FinTech regulations are designed to motivate innovative business solutions while balancing them with a fine regulatory framework to create an environment that delivers fair and transparent financial and capital markets, in which individuals and institutions act with integrity.

Binance, with its wealth of experience, technologies and opportunities will contribute to the development of the digital assets market in Kazakhstan and is going to create larger impetus for further establishing the country as the region’s cryptohub.

"Kazakhstan has shown to be a pioneer in Central Asia crypto adoption and regulation," said Changpeng Zhao (CZ), founder and CEO of Binance. "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."

Gleb Kostarev, Regional Head of Asia at Binance, said: "This is a landmark achievement for Binance in Kazakhstan. We are grateful to the Astana International Financial Centre for their support and vision in granting Binance Kazakhstan this in-principle license approval".

In-Principle Approval is one of the steps to obtain a license in the AIFC. Upon successful finalization of its licensing application, Binance will be able to provide its services as an operator of a Digital Asset Trading Facility and Provider of Custody in the Astana International Financial Centre.