- Regulation in Kazakhstan
- Future Plans
- Challenges and Internal Issues
Binance, the world's largest cryptocurrency exchange by trading volume, has received approval to operate in Kazakhstan from the Astana Financial Services Authority (AFSA).
Regulation in Kazakhstan
The license granted by the Astana Financial Services Authority (AFSA) allows Binance Kazakhstan to become the country's first fully regulated Digital Asset Trading Facility (DATF). Once the licensing procedure is completed, Binance Kazakhstan will be able to operate a virtual asset trading platform, engage in major investing operations, and provide digital asset custody services. This move is expected to help the exchange better serve the local digital asset community.
Future Plans
Vishal Sacheendran, Binance's Head of Regional Markets, expressed optimism about the preliminary permission and expressed a desire to continue serving consumers in Kazakhstan while contributing to the growth of the local digital asset ecosystem.
Challenges and Internal Issues
However, the corporation faces a severe internal difficulty as its former CEO, Changpeng Zhao, has been permanently barred from running the business. This development comes as part of a settlement with US authorities that resulted in his resignation. Binance's current CEO, Richard Teng, acknowledged Zhao's lifetime ban and stated that Zhao will not be involved in the company's day-to-day operations even when he is released from prison on September 29. Zhao retains shareholder rights but is barred from participating in operational management. The conditions of Zhao's deal with the Department of Justice (DOJ) prohibit him from returning to any leadership capacity. Zhao's new career goal is to invest in blockchain, artificial intelligence (AI), and biotechnology startups rather than return to Binance. While Binance continues to expand abroad, particularly in Kazakhstan, the ban on its former CEO complicates its future operations. Despite this, Zhao's stakeholder status permits him to have some control over the company's destiny.
Securing a license to operate in Kazakhstan is a significant step for Binance. Although the company faces internal challenges, its continued international expansion remains a priority.
