Bitrabo Editorial
Binance, the leading cryptocurrency exchange globally, has achieved a significant regulatory milestone by receiving approval to commence operations in Kazakhstan, a positive development following regulatory challenges, particularly in the United States.
Regulatory Approval in Kazakhstan
The exchange’s recent blog post confirmed the approval from the Astana Financial Services Authority (AFSA), granting Binance Kazakhstan a full regulatory license as the first Digital Asset Trading Facility in the nation. This approval allows Binance to offer virtual asset trading, investment activities, and custody services, enhancing its support for the local digital asset community.
Vishal Sacheendran, Binance’s Head of Regional Markets, highlighted the organization’s dedication to compliance and security, expressing enthusiasm for the opportunity to contribute to Kazakhstan’s digital asset ecosystem.
Permanent Ban on Changpeng Zhao
On a contrasting note, Binance’s former CEO, Changpeng Zhao (CZ), faces challenges as he has been permanently banned from managing Binance post his resignation due to a settlement with US authorities.
The current CEO, Richard Teng, verified the lifetime ban on Zhao, emphasizing that while Zhao retains shareholder rights, he is restricted from involvement in the daily operations of the company.
Despite Zhao’s ban, there are discussions about his lingering influence on the company. Zhao, as a shareholder, may still impact company decisions but is expressly prohibited from an operational role according to the terms of the settlement.
Legal experts highlight some ambiguity in the settlement’s language that leaves the door slightly open for Zhao’s potential return to a leadership position, subject to future developments and possible preventive measures.
Refocusing his endeavors, Zhao aims to invest in blockchain, AI, and biotechnology sectors, distancing himself from his previous CEO role as indicated in a court letter earlier this year.
Currently, Binance’s native token, BNB, is trading at $500, facing a 2.2% decrease in the last 24 hours amidst the broader market decline led by Bitcoin (BTC).
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