Binance and Bybit are on track to becoming the first trading platforms set to receive operational licenses in Kazakhstan. According to reports, the Astana Financial Services Authority (AFSA) issued distinct operational permits to the exchanges.
Hence, while the AFSA approved two trading platforms, both will operate at different levels, depending on their license approval status. Bybit obtained a full operational permit, while Binance’s seems partial.
Binance and Bybit Recently Approved Operational License
As stated earlier, Binance and Bybit did not receive equal licenses. Bybit’s operational permit was comprehensive. The procedures towards attaining a fully licensed status involved thorough assessments of anti-money laundering (AML) checks, regulatory compliance tendencies, and overall readiness to accept the demanding responsibilities.
Breaking the news of its latest achievement to users, Bybit wrote on its official website: “As part of a rigorous process, Bybit Kazakhstan has passed a full AML check, business conduct audit, and detailed compliance inspections. This is part of Bybit’s focus on securing new user opportunities in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.”
On its part, Binance’s license came with some restrictions that will make its operational modalities less attractive. However, the step remains a significant step in the pathway to achieving full recognition. Like Bybit, Binance relayed its little wins to users via the platform’s authoritative website.
Part of Binance’s statement, describing expectations following the exchange’s eventual attainment of comprehensive licensing read thus: “Once the full license is in place, Binance Kazakhstan will be authorized to operate a virtual assets trading facility, engage in principal investment dealings, and offer custody services for virtual assets. This full licensing mode will allow Binance Kazakhstan to enhance its offerings and better serve the local digital asset ecosystem.”
While the scenarios described Binance and Bybit’s regulatory approval status in Kazakhstan, they also underscored global crypto adoption. Aside from benefiting crypto enthusiasts, the country’s economy might improve via digital asset trading.
