Binance Receives Approval to Operate in Kazakhstan

  • Agencies in Kazakhstan have taken down a number of bitcoin mining equipment.
  • The AFSA granted Binance an in-principle authorization.
  • Binance announced that it had received clearance.

Several cryptocurrency mining rigs have been taken down by Kazakh law authorities. The government was compelled to investigate due to the rapid increase in mining activities. The nation has been working hard to stop cryptocurrency-related fraud. In the middle of this, it chose to annex the biggest cryptocurrency exchange in the world. The Astana Financial Services Authority [AFSA] granted Binance an in-principle authorization to conduct business in Kazakhstan, according to a statement.

Changpeng Zhao, the CEO of Binance, earlier traveled to Kazakhstan where he met with Bagdat Musin, the Minister of Digital Development, Innovation, and the Aerospace Industry of the Republic of Kazakhstan, as well as President Kassym-Zhomart Tokayev and Timur Suleimenov, the First Deputy Chief of Staff of the President of Kazakhstan.

With this action, Binance will offer guidance on creating the legal system and regulatory framework for digital assets in the Republic of Kazakhstan. The Republic of Kazakhstan’s Ministry of Digital Development, Innovations, and Aerospace Industry and Binance will work together to find ways to integrate banking infrastructure into the cryptocurrency market and to promote the creation and use of distributed ledger technology as part of their cooperation agreement. Astana Center will get assistance from the Ministry and Binance from both domestic and foreign talent, enabling the development of a regional blockchain hub.

Binance recently announced in a blog post that it had received clearance and could now launch a digital asset trading facility and offer custody at the Astana International Financial Centre [AIFC]. Only since June 2022 have cryptocurrency exchanges been able to legally open bank accounts and conduct business in the area.
“Binance has been on an expansion spree. Therefore, the latest news does not seem to surprise the community. Commenting on the development,” said Zhao.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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