Binance expands its footprint in Kazakhstan


Leading global crypto exchange platform Binance signed a memorandum of understanding (MoU) with the Kazakhstan’s Financial Monitoring Agency of the Republic to expand its global law enforcement training program.

After blowing hot and cold for long, Binance changed its approach last year and became regulator-friendly. Following this, the exchange entered into multiple deals with governments across the globe and the recent deal has to be seen from that perspective. Binance, which has big plans for Kazakhstan, a leading Bitcoin mining hub, has already received approval to operate in the country.

The global law enforcement training program focuses on expanding the scope of crypto industry’s cooperation with law enforcement agencies globally to prevent financial crime and cybercrime. Accordingly, the central Asian country’s cryptocurrency industry is poised to grow with Binance as its leading crypto exchange.

In August, Binance revealed that it had received in-principle approval from the Astana Financial Services Authority [AFSA] to operate in Kazakhstan. This means that Binance will be able to function as an official digital asset trading facility and provide custody in the Astana International Financial Centre [AIFC]. Interestingly, the move gives Binance a leg-up amid the ongoing crackdown on crypto mining rigs in the country due to the energy crisis, not to mention the spurt in crypto-related fraud.

Kazakhstan to become a leading crypto hub

Binance is seeking the first-mover advantage with consistent efforts to set up shop in the up-and-coming hub of crypto. Kazakhstan is taking pro-crypto decisions alongside regulating the sphere to ensure consumer protection. In fact, the Kazakh President Kassym-Jomart Tokayev recently underlined the nation’s aim to become a leader in the crypto industry as it expands services for digital assets, regulated mining, and digital technology.

While speaking at the international forum Digital Bridge 2022, President Tokayev noted that the country’s law was recently amended to develop a system for converting crypto at the Astana International Financial Center. He said, “We are ready to go further. If this financial instrument shows its further relevance and security, it will certainly receive full legal recognition.”

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