Binance Obtains In-Principle Approval to Operate in Kazakhstan, BNB Price Down 1.5% Today
- Following the approval, Binance CEO CZ tweeted that the firm is the most regulated crypto exchange in the world.
- It is safe to bet that Kazakhstan will play a crucial role in crypto adoption in Central Asia.
Leading cryptocurrency exchange Binance has announced regulatory approval to operate in the world’s largest landlocked country, Kazakhstan. According to a blog post by Binance, the firm obtained an 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).
Following the approval, Binance CEO CZ tweeted that the firm is the most regulated crypto exchange in the world.
Binance and the Kazakhstan Approval
It is safe to bet that Kazakhstan will play a crucial role in crypto adoption in Central Asia. Moreover, the country is ranked among the top friendly nations to crypto miners. Remember, the country reportedly offers cheap electricity of up to 5 cents per kWh.
From another perspective, Kazakhstan is close to the Arctic region, which has generally low temperatures. Consequently, crypto mining rigs can operate at optimal, without overheating.
Binance is one of the largest crypto players and controls a huge Bitcoin hash rate. The firm’s approval in Kazakhstan will open up its crypto operations in the country and also around the region.
“Kazakhstan has shown itself to be a pioneer in Central Asia crypto adoption and regulation,” said CZ. “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 the approval is a landmark achievement for the crypto exchange in Kazakhstan. Nonetheless, it is also a great achievement for the country to attract institutional investors seeking safe crypto exposure.
Nurkhat Kushimov, Chief Executive Officer of AFSA said large investors seeking new markets need clear-cut and well-managed rules, as well as high standards of regulatory practice. Moreover, increased rug pulls and crypto scams have kept more institutional investors from further digital asset exposure.
Notably, Kazakhstan neighbors some of the largest global economies including China, and Russia, and is somehow close to the Europe and Middle East regions.
Crypto exchanges are competing to win more global markets and in turn more trading revenues. Binance for instance takes pride in over 90 million registered users. The platform registered $76 billion in trading volume over the past 24 hours. Of importance, the crypto firm has listed over 600 digital assets that are traded for less than 0.10 percent fees.
For comparison purposes, Coinbase Global Inc. (NASDAQ: COIN) has over 103 million verified users from over 100 countries. According to the company’s website, the firm reported over $217 billion in quarterly volume traded.
Binance native token BNB traded at around $319, down over 1 percent in the past 24 hours. The asset has a reported market capitalization of $52,106,287,336.