Bybit and Binance Secure Full Authorization in Kazakhstan’s Crypto Boom

2 mins read News
  • Bybit and Binance gained full approval in Kazakhstan, enhancing their global reach as regulated Digital Asset Trading Facilities.
  • Kazakhstan’s strict regulations boost its role as a crypto powerhouse, with Bybit and Binance leading the way in digital asset adoption.
  • Bybit and Binance’s full authorization marks a significant milestone in their expansion, ensuring secure and compliant operations.

Both Bybit and Binance have been fully licensed by the Kazakhstani financial regulator-a key event in their global expansion. Both exchanges are allowed to function as authorized Digital Asset Trading Facilities after obtaining regulatory authorization from the Astana Financial Services Authority. With this action, Kazakhstan solidifies its status as the CIS’s rising bitcoin superpower.

Strengthening Compliance and AML Standards

Bybit declared that the permission is in line with their mission to introduce cutting-edge technology to Kazakhstan. CEO and co-founder Ben Zhou discussed the company’s strategy for fusing cutting-edge technology, security, and transparency while highlighting the importance of the accomplishment. Furthermore, Bybit has been able to successfully comply with Kazakhstan’s strict banking legislation by adhering to AML processes.

Binance has obtained full approval from AFSA. The exchange had to go through a strict compliance procedure that included getting ISO certifications and passing external audits. Vishal Sacheendran, Head of Regional Markets at Binance, emphasized the company’s commitment to compliance as well as the market’s potential for expansion in Kazakhstan.

Kazakhstan’s Regulatory Push and Future Prospects

In addition to achieving legislative success, both exchanges hope to encourage greater uptake of digital assets in Kazakhstan. Consequently, Bybit and Binance will offer a range of cryptocurrency services, including custody and trading of virtual assets. This places them in a position to benefit from the growing markets in Kazakhstan and the larger CIS area.

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Kazakhstan’s crypto ecosystem is largely shaped by its proactive regulatory attitude. Authorities took down 980 non-compliant cryptocurrency sites last year as part of larger initiatives to stop illegal activity. Moreover, exchanges must have a valid license in order to function under the nation’s recently passed Digital Assets Law. The February 2023 enactment of this law solidifies Kazakhstan’s position as a regulated, crypto-friendly state.

The nation’s dedication to guaranteeing a safe and legal environment for trading digital assets is highlighted by the approval of Bybit and Binance. More investment opportunities are made possible by this legislative framework, which also enhances Kazakhstan’s standing as a major participant in the global cryptocurrency market.

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