Binance Massive Crypto

Binance missive crypto, the largest cryptocurrency exchange in the world, received a permanent licence from the AIFC Financial Services Authority (AFSA) on Thursday, solidifying its presence in Kazakhstan. With this licence, the cryptocurrency exchange can legally provide digital asset custody services within the country’s borders.

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Binance Earns Long-Term Authorization from Kazakhstan’s AFSA

On October 6th, Binance was granted a permanent licence by the AFSA to provide digital asset custody services and operate a digital asset platform within the Astana International Financial Center. Binance’s footprint in Kazakhstan has grown substantially since it first started working on crypto acceptance and regulation in the country back in May.

With this permanent licence, Binance can now legally operate in the country as a cryptocurrency exchange subject to local law. It will facilitate the buying and selling of cryptocurrencies, the storage of cryptocurrency assets, the conversion of fiat currencies, and the deposit and withdrawal of fiat currencies.

Gleb Kostarev, director of Binance’s Asian operations, has made it clear that the company supports Kazakhstan’s goal of becoming a global leader in the blockchain and cryptocurrency industries. Significant changes to the legislative and regulatory climate have resulted in the republic’s strictest compliance criteria for bitcoin platforms.

Cryptocurrency Usage in Kazakhstan

Binance has done extensive work to aid crypto acceptance in Kazakhstan after gaining provisional approval from the AFSA in August. In reality, President of Kazakhstan Kassym-Jomart Tokayev has publicly supported Binance’s plans to establish a regional hub in the country.

To effectively govern cryptocurrency mining, Kazakhstan has also produced a draught law. The government has conducted a trial run with banks and cryptocurrency exchanges to legitimise digital transactions.

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Binance and the Financial Monitoring Agency of the Republic of Kazakhstan signed a Memorandum of Understanding (MOU) on Monday. In order to prevent the use of cryptocurrency in unlawful activities like money laundering or terrorist funding, the exchange will attempt to detect and remove such assets.

The Binance Law Enforcement Training Program has been expanded into the country of Kazakhstan. As a result, it will aid the country’s efforts to combat cyber and financial crime.

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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