Binance, a high-profiled exchange platform in the cryptocurrency industry, has made another move in extending its dominance globally. The Cayman Island-based company was launched in 2017, one of the earliest crypto exchanges during the growing adoption of cryptocurrency.
Binance has progressed tremendously to become one of the leading crypto exchanges globally, with different companies merged and acquired. During the past few years of establishment, Binance has garnered over $62 billion trading volume in 24 hours with over 30 million users.
According to an eToro review, the exchange platform currently offers its services in over 130 countries situated around the world. The company seems to be achieving its domination aim after it secured approval to operate in an Asian Central country, Kazakhstan.
Binance Get Authorize To Operate In Central Asia, Kazakhstan
Earlier, leading crypto exchange platform, Binance announced its new plan to extend its services and company to a developing country in the Asia central region. The announcement was made known via a post on the platform’s official website. Binance has acquired the legal authentication to operate in the country.
According to the blog post, the company stated that it had been given half-authorization to operate in Kazakhstan. The authorization was given by the AFSA (Astana Financial Services Authority), which happens to be the country’s financial regulator body/commission.
The AFSA body is saddled with the responsibility of regulating and overseeing all Financial, digital property, and assets operations in the country. However, the approval was a half-authorization, as the financial Authorities stated that Binance hadn’t passed all the necessary protocol procedures.
Pending full authorization, the crypto exchange could operate under the wings of the Astana International Financial Centre. Once the company fulfills all the necessary procedures and protocols, it can operate fully without being checkmated.
Binance Set To Dominate Central Asia, Kazakhstan
Following the in-principle approval received by Binance from the Kazakhstan financial regulation body, the platform has made known its move to dominate the country. Binance CEO, Changpeng Zhao, spoke on extending Binance services and offerings.
The CEO stated that Central Asia is a fertile ground for the cryptocurrency space/industry. However, Kazakhstan has declared itself one of the frontier countries for crypto adoption in the region.
Changpeng revealed that Binance is ready to serve and operate in the country under the laid down guidelines and regulatory structures. The exchange platform is devoted to proving safe and secure trading and exchange services in the cryptocurrency space/industry.
Binance director for the Asian region, Gleb Kostarev, stated that the authentication was a milestone for the platform in Central Asia. Gleb also affirmed that the company would work with the regulatory body guidelines and regulations.
This approval announcement is coming a few months after Binance’s CEO revealed that the exchange platform would extend its services and offerings and also acquire more companies and platforms across the world.