Binance Continues its Global Expansion with a Regulated Crypto Exchange in Kazakhstan
- Rudolph Harmon
- June 22, 2023
- Crypto, News
- Binance, Crypto, Exchange, Kazakhstan
- 0 Comments
Binance makes its way into Kazakhstan, as it launches a new regulated crypto exchange for the kazakhstan users.
Key Highlights:
- Binance has recently introduced a digital asset platform in Kazakhstan that is regulated.
- This platform provides various services such as exchange and conversion of assets, and custody of crypto assets.
- Binance’s move into Kazakhstan is significant in light of the regulatory challenges and issues faced by the company in the West.
Amidst mounting pressure on the world’s largest cryptocurrency exchange, Binance is forging ahead with plans to expand its operations into more welcoming jurisdictions. The latest addition to its roster of regulated crypto exchanges is Kazakhstan.
On June 21, Binance made the announcement of its new digital asset platform in Kazakhstan, which is fully regulated. The CEO of the company, Changpeng Zhao, was quick to point out that the exchange had received support from local banks in the country.
Binance has been grappling with banking partners in other locations, such as the United States, the United Kingdom, and Australia. However, its move into Kazakhstan marks a significant step forward for the exchange, demonstrating its commitment to expanding its reach and providing users with a secure and regulated platform to trade cryptocurrencies.
1500+ people #Binance meetup in Kazakhstan🇰🇿 now. pic.twitter.com/sEjpE6KrCQ
— CZ 🔶 Binance (@cz_binance) June 21, 2023
Binance Move into Kazakhstan
In a recent announcement, the company revealed that it has launched a new exchange in Kazakhstan. This move comes after the AIFC Financial Services Authority (AFSA) granted Binance a permanent license last year. This license enables the company to manage a digital asset platform and provide custodial services. Binance is aiming to offer a whopping 100 cryptocurrencies for trading by the end of the year.
The company has stated that the new exchange will be authorized to provide exchange and conversion services, deposit and withdrawal of fiat currencies, custody of crypto assets, and exchange trading. This is a significant development for the cryptocurrency industry in Kazakhstan.
The Astana International Financial Center (AIFC) is working closely with cryptocurrency exchanges and second-tier banks to facilitate collaboration. The National Bank of Kazakhstan and the country’s financial regulators are also actively participating in the project.
According to Turysov, Minister of Digital Development in Kazakhstan, their regulators have taken significant steps towards the development of the digital asset industry. The country was once a Bitcoin mining hub, but the government has recently curtailed operations.
Conclusion
Binance, amidst a massive crackdown from Western nations, has stepped in to assist Kazakhstan in the development of a legislative framework and a general policy for the regulation of crypto assets. They have also implemented various educational initiatives, including for government and law enforcement agencies and regulators.
Despite facing increasing resistance in the UK, France and recently exiting from the Netherlands, Binance is committed to supporting the development of the digital asset industry in Kazakhstan.
