Binance has agreed to establish a hub in Kazakhstan for settlements across the CIS

Binance has agreed to establish a settlement hub for the CIS in Kazakhstan

Crypto exchange Binance Investments Co., in cooperation with the National Bank of Kazakhstan, will open a settlement hub for the CIS in the country. The parties signed a corresponding memorandum of understanding, the regulator's press service reported.

The signing ceremony was attended by the Chairman of the National Bank, Timur Suleimenov, and the founder of Binance, Changpeng Zhao. Under the terms of the project, the crypto exchange will establish a representative office of the group in Kazakhstan and receive a license from the National Bank to operate with the status of a first-category payment organization.

The regulator notes that the project will make it possible to relocate part of Binance's operations to Kazakhstan and serve a significant share of clients from the CIS and Eastern Europe through the country. The National Bank believes this will help attract international technological expertise and unlock the country's potential in the export of digital financial services.

The regulator recalled that the development of this area became possible after the reform of digital financial assets regulation and the emergence of a new financial market entity — the first-category payment organization. In particular, the changes allow the use of new types of payment and financial services on an equal footing with banking services. Binance became one of the first global companies to initiate a project under the new regulation.