Binance launches regulated crypto platform in Kazakhstan.

  • Binance Kazakhstan was officially announced on June 20, 2023 with the presence of government and banking industry representatives.
  • The platform will allow users from Kazakhstan to buy and sell crypto with fiat, access spot trading, and conversions.
  • Despite the launch of the local platform, users in Kazakhstan will still be able to use the global Binance.com.

Binance has introduced a regulated digital asset platform in Kazakhstan shortly after leaving the Dutch market.

An announcement on the Binance blog on Wednesday revealed that the expansion into the Central Asia nation followed the exchange’s acquisition of a license from the AIFC Financial Services Authority (AFSA).

The approval, granted in October of last year, allowed the exchange to offer crypto custodial services and operate a digital asset platform at the Astana International Financial Center (AIFC).

Binance Kazakhstan to offer custody and trading among other services

The official launch of the Binance Kazakhstan platform took place on June 20, 2023, as stated in the blog post. Government officials and banking industry representatives from the country were present during the unveiling, along with Binance executives of the local digital asset platform.

According to the statement, the new platform will provide several services including exchange and conversion, fiat deposits and withdrawals, crypto custody, and exchange trading. Binance Kazakhstan supports deposits and withdrawals via bank cards and bank transfer, which are available through the Freedom Finance Bank.

Asset Turysov, Kazakhstan’s Vice Minister of Digital Development, Innovation, and Aerospace Industry, stated that the country was focused on promoting interaction between second-tier banks, AIFC, and crypto exchanges. Therefore, the National Bank of Kazakhstan, the Financial Monitoring Agency of the Republic of Kazakhstan, and the Agency for Regulation and Development of the Financial Market are all involved in this initiative.

Turysov also praised Binance’s role in the development of the country’s crypto industry, including the creation of a legislative framework for crypto regulation.

Binance was recently sued by the US Securities and Exchanges Commission (SEC) and announced its exit from the Canadian market citing regulatory constraints.