The National Bank of Kazakhstan and global crypto exchange Binance have agreed to establish a regional settlement hub. To implement the project, the company plans to obtain a category one payment organization license. The regulator announced the move following the signing of a memorandum on September 7.
What happened
National Bank Deputy Chairman Binur Zhalenov and Binance Head of Regional Development Kirill Khomyakov signed the document. National Bank Governor Timur Suleimenov and Binance founder Changpeng Zhao also attended the ceremony.
Binance will create a new entity in Kazakhstan to handle international payments and money transfers. The hub will process digital asset settlements for the global platform’s clients across Central Asia, the CIS, and Eastern Europe.
Country and market
Binance already operates in the local market. The company previously received in-principle approval from AFSA to launch a local digital asset platform and custody services within the AIFC jurisdiction. The new memorandum takes the company beyond the crypto sandbox and into the traditional payment market.
The hub’s creation follows recent legislative reforms. The regulator introduced a new legal entity: the category one payment organization. This status allows tech companies to provide financial services on par with traditional banks. Binance will be one of the first global corporations to use this mechanism to build its infrastructure.
Why it matters
Securing payment organization status will allow the crypto exchange to legally combine fiat settlements and digital asset operations within a single regulated infrastructure.
For Kazakhstan, this means shifting a portion of Binance’s regional operations into the local jurisdiction. The regulator expects the project to strengthen the country’s position as a digital fintech center and help attract international technological expertise.
