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Binance obtains approval to operate in AIFC

16.08.2022, 14:17 18671
Binance obtains approval to operate in AIFC
Images | aifc.kz
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.
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan "On the Astana International Financial Centre" for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition and supervision of financial firms and market institutions in the AIFC.
Over 1,400 firms from 64 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others.
The Astana International Financial Centre (AIFC) is an independent jurisdiction that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus. www.aifc.kz
Binance is the world's leading cryptocurrency infrastructure provider with a range of financial products, including the largest digital asset exchange by volume. Trusted by millions of people around the world, Binance is designed to enhance the freedom of money for users and offers an unrivaled portfolio of crypto-currency products and offerings, including trading and finance, education, data and research, philanthropy, investment and incubation, decentralization, and more. 

Source: kazinform
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