Binance Recognized in Kazakhstan with ISO Certifications

Kazakhstan has recognized Binance's local entity withISO 27001 and ISO 27701 certifications, the cryptocurrency exchange announcedtoday (Monday). The British Standards Institution awarded Binance thesecertifications after conducting an audit on the exchange's commitment toproviding a secure and reliable platform for cryptocurrency users in theregion.

Security and Privacy Standards

Binance lauded this achievement, terming it as atestament to its commitment to adhering to globally recognized standards forinformation security governance and privacy information management.Additionally, the crypto exchange mentioned that the recognitions validate its ability to meet high standards for safeguarding user assets andpersonal information.

Vishal Sacheendran, the Head of Regional Markets atBinance, mentioned: "Setting high benchmarks for information security andprivacy processes is a hallmark of a trustworthy, reliable firm. By securingthese internationally recognized certifications at Binance Kazakhstan, wevalidate that we meet these high standards. We hope that our users will feelsignificantly reassured knowing their assets and personal information areprotected in line with the latest global standards."

#Binance Kazakhstan is proud to have been awarded the ISO 27001 and ISO 27701 certifications.This achievement highlights our strict adherence to international security and privacy standards.Read more https://t.co/Zp5BInW3Dl pic.twitter.com/QWVzBUx3k7

Last year, Binance secured similar certifications inFrance, Bahrain, and the United Arab Emirates. The external auditorA-LIGN awarded Binance the certifications for meeting international standardsin information security governance and privacy information management.

ISO Certifications in France, Bahrain, and UAE

Jimmy Su, Binance's Chief Security Officer, said: "Users on our platform can be assured that their assets and information are protected in line with the latest global standards. We have a team of highly experienced security professionals who are continuouslyimproving, adapting, and innovating to ensure that Binance remains at theforefront of safeguarding the blockchain ecosystem."

Last year, Binance officially launched its services in Kazakhstan, marking its entry into Central Asia. The exchange, which obtained apermanent license in the country the previous year, partnered with a local bankto facilitate fiat transfers. Binance Kazakhstan offers a range of services,including trading, custody of digital assets, and deposit andwithdrawal of fiat currencies.

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In the wake of Binance’s departure from Canada, cryptocurrency exchange Bybit has announced its exit from the nation as well, citing “recent regulatory development” as the reason. Effective May 31, Bybit stated that it would cease accepting applications from Canadian residents. Bybit to Pause Operations in Canada According to a Tuesday announcement, Bybit is withdrawing [...]

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Bybit Secures Preliminary Approval to Operate in Kazakhstan

Bybit, a cryptocurrency derivatives exchange, has been issued an 'in-principle' license by the regulators in Kazakhstan, according to a press release shared with Finance Magnates on Monday.

The license, issued by Astana Financial Services Authority (AFSA), allows Bybit to run a digital asset trading facility and to offer custody services at the Astana International Financial Centre (AIFC), which is a financial hub based in Astana. According to the press release, the approval subjects the exchange to pre-conditions that will lead to permanent authorization once the full license application process is complete.

''We are delighted to receive an in-principle approval from AFSA," Bybit CEO and Co-Founder Ben Zhou said, adding that ''we believe in the promising potential of the Commonwealth of Independent States (CIS) and are eager to open up our world-class trading platform from crypto enthusiasts in the region.''

A 'Gateway' to the CIS Region

CIS, a regional intergovernmental organization formed after the collapse of the Soviet Union, resents a vibrant market for the adoption of digital assets and is a promising hub for cryptocurrencies, mining, and blockchain technology, ByBit noted.

Last month, Bybit announced a global headquarters for its operations in Dubai to strengthen its presence in the Middle East and North Africa (MENA) region following a 50% increase in the exchange’s clients. Situated at the Dubai World Trade Center, Bybit’s new headquarters would enable Bybit to organize hackathons, launch educational programs, and nurture entrepreneurial activities in the Web 3 space.

Bybit’s Challenges amid Global Expansion

Bybit’s push for international expansion has not been without challenges. Japan’s Financial Services Agency (FSA) issued a warning against the platform this year, warning it against operating in the country without registration. The financial watchdog also slammed a similar warning against several other exchanges including BitForex, MEXC Global, and Bitget.

Besides the regulatory hurdles, the exchange was forced to trim its workforce towards the end of last year, five months after announcing another 30% staff reduction. The action followed a prolonged crypto winter which pushed several companies in the cryptocurrency space into bankruptcy.

Additionally, Zhou recently revealed that the exchange had a $150 million exposure to the bankrupt crypto lender Genesis Global Trading. He noted that $120 million of this amount was collateralized and had already been liquidated.

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The post Bybit gets pre-approval in Kazakhstan as crypto custody service provider appeared first on Crypto Breaking News.

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Binance Enters Central Asia with Launch of Local Service in Kazakhstan

Binance, which obtained a permanent license in Kazakhstan in October last year, has launched a local trading platform in the Central Asia country. The new platform will offer users trading and custody of digital assets, deposit and withdrawal of fiat currencies as well as conversion services, Binance said in a blog post published today (Wednesday).

Binance Launches in Kazakhstan

The development comes as Binance shrinks its presence in Europe and prepares to exit Cyprus and the Netherlands. The exchange is also reportedly facing a money laundering probe in France even as it battles regulators in the United States

#Binance launches a regulated platform in Kazakhstan.This local platform will be authorized to offer exchange and conversion services, deposit and withdrawal of fiat currencies, custody of crypto assets, and exchange trading.

Binance’s presence in Kazakhstan marks its first presence in the Central Asia sub-region although the world’s largest cryptocurrency exchange offers support to users several countries across Asia. The exchange’s launch in Kazakhstan comes as regulators seek to develop the country’s cryptocurrency industry.

“Binance has provided assistance to Kazakhstan in the development of a legislative framework and a general policy for the regulation of crypto assets, as well as in the implementation of various educational initiatives, including for government and law enforcement agencies and regulators,” explained Asset Turysov, Kazakhstan’s Vice Minister for Digital Development, Innovation and Aerospace Industry.

Future Plans

To float its local services in Kazakhstan, Binance also partnered with local financial services provider, Bank Freedom Finance Kazakhstan JSC. The collaboration provides users in the country with the ability to transfer fiat funds to accounts on the new trading platform. Moreover, Binance plans to expand the trading platform in the coming months.

“Thanks to constantly being in touch with Kazakhstan regulators, by the end of the year we plan to significantly expand the product line for users of the local cryptocurrency exchange, as well as to have no less than 100 digital assets approved and available on the platform," Zhaslan Madiyev, General Manager of Binance Kazakhstan, stated.

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The post Binance expands to Kazakhstan amid global regulatory hurdles appeared first on CryptoSlate.

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The post Kazakhstan Shuts Down Crypto Exchange That Transferred $34 Million Through Binance appeared first on Crypto Breaking News.

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