Binance Launches Regulated Crypto Platform In Kazakhstan
Binance has announced the successful launch of a local digital asset platform in Kazakhstan. This milestone comes after Binance obtained a license from the AIFC Financial Services Authority (AFSA) in October last year, allowing it to operate a digital asset platform and provide custodial services at the Astana International Financial Center (AIFC).
#Binance launches a regulated platform in Kazakhstan.
This local platform will be authorized to offer exchange and conversion services, deposit and withdrawal of fiat currencies, custody of crypto assets, and exchange trading.
— Binance (@binance) June 21, 2023
Regulated Platform Status
With the permanent license granted, Binance now holds the status of a regulated platform in Kazakhstan, showcasing its strong compliance and security controls. The newly launched exchange is authorized to offer exchange and conversion services, facilitate fiat currency deposits and withdrawals, provide custody services for crypto assets, and enable exchange trading.
The official announcement took place during a press event on June 20, 2023, attended by government officials, representatives from Kazakhstan’s banking industry, and Binance Kazakhstan leadership. Asset Turysov, Vice Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, highlighted the government’s special initiative aimed at fostering collaboration between the AIFC, cryptocurrency exchanges, and second-tier banks. Notably, multiple regulatory bodies, including the National Bank of Kazakhstan, the Financial Monitoring Agency, and the Agency for Regulation and Development of the Financial Market, actively participate in this initiative, which has yielded promising results.
Zhaslan Madiyev, General Manager of Binance Kazakhstan, expressed gratitude to the regulators for their significant contributions to the cryptocurrency industry’s development. Madiyev emphasized Binance’s productive engagement with five regulatory bodies in the country, and he shared the plan to expand the product offerings and have at least 100 approved digital assets available on the platform by the end of the year.
Fiat Balance and Spot Trading
To facilitate seamless fiat transactions, Kazakhstan’s Freedom Finance Bank has introduced a service that enables users of the new exchange to transfer fiat funds to their platform accounts. Ablaykhan Ospanov, Managing Director of Bank Freedom Finance Kazakhstan JSC, hailed the launch of the pilot project for cryptocurrency exchanges in Kazakhstan as a major boost for the industry, highlighting the country’s potential for blockchain and cryptocurrency growth.
Binance Kazakhstan users can currently conduct buy and sell transactions using a fiat balance, engage in spot trading and conversion, with the expectation of an expanded range of services in the future. Two channels are available for deposits and withdrawals: bank cards and bank transfers via Freedom Finance Bank.
