Crypto Exchange Bybit Secures “Consent to a Full Authorization” From Kazakhstan’s AFSA

The development came shortly after Binance made a similar announcement, noting that the authorization brought it a step closer to becoming Kazakhstan's first fully regulated Digital Asset Trading Facility (DATF).

Crypto exchange Bybit announced Wednesday that it has been granted “consent to a full authorization” by Kazakhstan’s Astana Financial Service Authority (AFSA).

The development comes shortly after Binance made a similar announcement, noting that the authorization brought it a step 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 Sept. 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.

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 honored to receive this valued consent from the AFSA, which brings us closer to serving the people of Kazakhstan with a fully regulated, local crypto exchange,” Zhou said in a statement.

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.

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