- Bybit has announced a big milestone in Kazakhstan.
- The development came shortly after Binance announced a similar win.
- The two exchanges are on track to be among the first fully licensed platforms in the country.
Crypto exchange Bybit announced today that it has been granted “consent to a full authorization” by Kazakhstan’s Astana Financial Service Authority (AFSA).
The development came shortly after Binance made a similar announcement, noting that the authorization brought it closer to becoming Kazakhstan’s first fully regulated Digital Asset Trading Facility (DATF). Once granted, Binance will leverage the license to expand its crypto offerings via its local branch.
Bybit’s Win in Kazakhstan
According to a press release dated September 6, Bybit has secured AFSA’s full nod following receipt of its initial operating and custody licenses in June 2023. The latest approval was granted as part of a rigorous application process, which included a full anti-money laundering (AML) check, thorough compliance inspections, and a business conduct audit.
Sponsored
The exchange said the development was part of its strategy to win new market segments in Kazakhstan and the broader Commonwealth of Independent States (CIS) region. Once granted the full license, Bybit’s local branch plans to offer multiple crypto-related services for diverse digital asset users.
Bybit CEO and co-founder Ben Zhou lauded the development, noting that Kazakhstan was a thrilling and dynamic market for the exchange’s expansion.
“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 stated.
Per the statement, Bybit is keen on leveraging the full authorization to drive crypto adoption, provide institutional-grade security, and enrich its regional offerings with advanced trading features.
Read about Bybit’s LUNC delist warning:
Bybit Issues LUNC Delist Warning, Rattling Community
Stay updated on Bybit’s move to integrate Apple Pay for crypto purchases:
Bybit Card Integrates Apple Pay for Crypto Purchases
