Bybit and Binance have gained full authorization in Kazakhstan, aiming to encourage innovation in the space.
Crypto exchanges Bybit and Binance have secured full authorization in Kazakhstan, expanding their global presence.
The financial regulator in Kazakhstan has approved, moving the exchanges closer to becoming regulated Digital Asset Trading Facilities (DATFs).
As competition intensifies, digital asset exchanges are racing to establish compliant operations across multiple jurisdictions.
Bybit Secures Full Authorization in Kazakhstan
Bybit announced on September 6 that it had received full authorization approval from the Astana Financial Services Authority (AFSA).
This milestone brings the exchange closer to becoming a fully regulated DATF.
Ben Zhou, co-founder and CEO of Bybit, expressed the company’s commitment to delivering innovative technology to Kazakhstan’s rapidly evolving market.
“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,” Zhou said.
To secure this authorization, Bybit passed various regulatory checks, including Anti-Money Laundering compliance.
Kazakhstan has remained firm on compliance in the crypto space to safeguard investors. Last year, regulators shut down 980 non-compliant crypto exchanges to combat illicit activity and protect users.
Bybit’s goals include increasing adoption and implementing institutional-grade security. Additionally, the exchange has listed Hamster Kombat, contributing to its growth and traction.
Binance Emphasizes Security and Trust
Similarly, Binance received regulatory approval, underscoring its commitment to security and trust. The exchange underwent a thorough assessment by Kazakhstan’s financial regulator.
Vishal Sacheendran, Binance’s Head of Regional Markets, noted that this achievement demonstrates the platform’s dedication to compliance and fostering the region’s digital asset ecosystem.
“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 company stated.
This authorization will expand digital asset participation in the region and create new investment opportunities.
In another development, Binance added TON to its Simple Earn Products to further enhance its user offerings.
