Crypto exchanges Bybit and Binance have received full regulatory approval from Kazakhstan’s financial regulator, marking a significant step in their global expansion efforts. The approval paves the way for both exchanges to operate as fully regulated Digital Asset Trading Facilities (DATF) in the country. This move highlights Kazakhstan’s growing role as a key player in the global cryptocurrency space and reinforces the nation’s commitment to fostering innovation within the industry.
Bybit Gains Full Authorization
Bybit announced its full authorization from the Astana Financial Services Authority (AFSA) in a statement released on September 6, 2024. This approval allows Bybit to offer its cutting-edge technology and services to crypto traders in Kazakhstan. Ben Zhou, co-founder and CEO of Bybit, emphasized the importance of the move:
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market. We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
Bybit successfully passed strict anti-money laundering regulations and other compliance checks, allowing it to operate within Kazakhstan’s regulatory framework. The exchange aims to promote wider adoption of digital assets, institutional-grade security, and increased transparency.
Binance Highlights Security and Trust
Like Bybit, Binance also received full regulatory approval in Kazakhstan. The company highlighted its commitment to security and compliance, noting that the rigorous assessment by Kazakhstan’s financial regulator demonstrates its dedication to maintaining high levels of trust within the industry.
Vishal Sacheendran, Binance’s Head of Regional Markets, stated:
“As we celebrate this milestone, we look forward to setting a new standard for digital-asset trading facilities in the region. With the full license in place, Binance Kazakhstan is poised to significantly contribute to the growth and development of the local digital-asset ecosystem, further fostering innovation and trust in this dynamic market.”
The approval of both Bybit and Binance is expected to enhance digital asset participation in Kazakhstan and attract wider investment opportunities.
Kazakhstan’s Growing Role in the Crypto Industry
Kazakhstan has emerged as an important hub for cryptocurrency, with increased participation in the Web3 space. The country’s regulators have taken a proactive approach to ensuring compliance in the crypto market, shutting down over 980 non-compliant crypto exchanges last year to combat illicit activity and protect investors.
As Bybit and Binance gain full authorization, Kazakhstan continues to strengthen its position in the global crypto ecosystem, driving innovation and promoting responsible crypto trading.
In a separate development, Binance added TON (The Open Network) to its Simple Earn products, further expanding its user offerings and solidifying its presence in the digital asset market.
