Binance Expands Its Reach In Central Asia With New Kazakhstan Platform

Binance, the world’s largest cryptocurrency exchange has announced the launch of a regulated digital asset platform in Kazakhstan. 

Following its successful application for a permanent license from the AIFC Financial Services Authority (AFSA) last year, Binance can now offer a suite of services to Kazakhstani users, including exchange and conversion services, deposit and withdrawal of fiat, and custody of crypto assets. 

According to the announcement, the platform will also expand its range of services and assets available for trading in the future.

Binance Enters Kazakhstan Market

At a press event held on June 20, 2023, government officials, representatives of Kazakhstan’s banking industry, and Binance Kazakhstan leadership were present to mark the launch of the platform. 

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Asset Turysov, Vice Minister of Digital Development, Innovation, and Aerospace Industry of Kazakhstan, highlighted the government’s special initiative to facilitate interaction between the AIFC, cryptocurrency exchanges, and second-tier banks. 

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 part of this project, which has already shown promising results, according to the press release. 

Zhaslan Madiyev, General Manager of Binance Kazakhstan, expressed gratitude to the regulators for their contribution to the development of the cryptocurrency industry in the country. 

In light of these developments, Binance Kazakhstan users can now buy and sell cryptocurrencies using a fiat balance, spot trading, and conversion, with the range of services expected to expand. 

Deposit and withdrawal channels include bank cards and bank transfers via Freedom Finance Bank. The global Binance platform will continue to be available to users in Kazakhstan.

Kazakhstan Pushes Development Of Crypto Regulations

The world’s largest cryptocurrency exchange has been actively working with Kazakhstan’s regulators to support the development of a regulatory framework for digital assets in the country. Binance has assisted Kazakhstan in the development of a legislative framework and a general policy for the regulation of crypto assets.

In addition, Binance has implemented various educational initiatives for government and law enforcement agencies and regulators to help them better understand the technology and the cryptocurrency industry. 

Moreover, Binance has engaged with five regulatory bodies in Kazakhstan, including the AIFC Financial Services Authority (AFSA), the Ministry of Digital Development, Innovation and Aerospace Industry of Kazakhstan, the National Bank of the Republic of Kazakhstan, the Financial Market Regulation and Development Agency, and the Financial Monitoring Agency. 

Through these engagements, Binance has been able to provide feedback and insights on regulatory issues related to the cryptocurrency industry and to work collaboratively with regulators to find solutions to these issues.

The launch of the platform signifies Binance’s commitment to advancing the crypto industry in Kazakhstan and contributing to the development of a robust regulatory framework for digital assets. 

With Binance’s expertise and guidance, Kazakhstan’s regulators have taken significant steps toward the development of the cryptocurrency sector in the country over the past year.

Featured image from Unsplash, chart from TradingView.com