Crypto Exchange Binance Gets License For Services In Kazakhstan

Kazakhstan, which has emerged as a hub of crypto mining in the last few years, has approved crypto exchange Binance to provide services. The exchange has been licensed by Kazakhstan’s financial regulator Astana Financial Services Authority (AFSA).

Kazakhstan is building an ecosystem to promote cryptocurrencies. “We believe Binance will drive the digital assets ecosystem forward,” AFSA Chief Executive Officer Nurkhat Kushimov said in a blog post. Many people of Kazakhstan have found employment in crypto mining. However, Kazakhstan is also facing difficulties due to the high consumption of electricity in crypto mining. The government of Kazakhstan has cracked down on illegal crypto mining. Crypto mining in Kazakhstan has increased after China banned all crypto-related activities last year.

Binance was fined around 3.3 million euros last month by the Dutch Central Bank (DNB) for providing services without registration in the Netherlands. DNB reported that the exchange had been warned last year. Binance indicated an appeal against it in a statement in June. Binance violated the Netherlands money-laundering law and had an advantage over firms that have registered with the DNB. An exchange spokesperson said the firm has opened a branch in the Netherlands. This problem has been resolved. However, DNB said that it has not approved the registration of the exchange but has reduced the penalty due to the disclosure of the firm’s own functioning.

The exchange recently reported that it has received permission from regulators in some European countries, including France, Italy and Spain. Binance in June decided to stop deposits and withdrawals in the Brazilian currency rial. Simultaneously, the exchange had also terminated its tie-up with the Brazilian government’s payment system Pix and local payment gateway Capitual. The exchange had said that it will provide a better solution for customers than its existing payments partner in Brazil.

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