Binance And Bybit Ready To Become Kazakhstan's First Regulated Crypto Platform

Binance and Bybit are ready to become Kazakhstan's first regulated crypto platform (Photo; Doc. Wallet data)

JAKARTA - Binance and Bybit, are getting closer to becoming fully regulated Digital Asset Trading Facility (DATF) platforms in Kazakhstan. On September 6, 2024, these two exchanges announced that they had received full authorization from the Astana Financial Services Authority (AFSA), an important step that brought them closer to legal operations in the country.

Bybit and Binance are successful through rigorous regulatory processes, including a thorough examination of anti-money laundering (AML) and other compliance assessments. This authorization allows Bybit to offer various crypto-related services in Kazakhstan, as well as in the Commonwealth of Independent States (CIS) region. Meanwhile, Binance also obtained approval from AFSA after successfully passing a series of external audits and obtaining ISO certification, ensuring that the exchange adheres to the highest operational safety and integrity standards.

Quoted from Crypto News, Vishal Sacheendran, Head of Binance Regional Market, called this achievement an important milestone for the platform. We look forward to obtaining full licenses and continuing to serve our users in Kazakhstan, as well as contributing to the growth of the local digital asset ecosystem," he said.

Kazakhstan has become one of the most proactive countries in regulating the crypto industry, seeking to create a secure and regular digital asset trading environment. Last year, the country's financial regulator closed nearly 1,000 non-compliant crypto exchanges as part of a strategy to protect investors and combat illegal activities in the digital asset sector.

This effort is supported by reports showing that Kazakhstan's anti-money laundering agency has succeeded in blocking illegal crypto transactions worth US$75.4 million (Rp1.1 trillion) related to pyramid schemes and fraud. Kazakhstan also enacted the Digital Asset Act in February 2023, requiring the creation and trade of digital currencies to only be done under national license.

With full licenses owned by Binance and Bybit, these two exchanges are ready to offer wider services in Kazakhstan, including trading in virtual assets, investing in crypto, and digital asset custodies. This further strengthens Kazakhstan's position as a crypto-friendly jurisdiction, as well as opening up greater investment opportunities in the region.