In a significant move in global expansion, Binance, the world’s leading cryptocurrency exchange, has launched a regulated digital asset platform in Kazakhstan. This development comes on the heels of the exchange securing a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA) last year.
Binance, renowned globally for its comprehensive blockchain ecosystem and cryptocurrency services, has unveiled its latest venture – a dedicated digital asset platform in Kazakhstan. This significant development comes after Binance was granted a license by the AIFC Financial Services Authority (AFSA) in October of the previous year.
The license permits Binance to operate a digital asset platform and provide custodial services within the jurisdiction of the Astana International Financial Center (AIFC).
The acquisition of the permanent license also elevates Binance to the status of a regulated platform within Kazakhstan, underscoring its strong adherence to compliance and security protocols. The newly launched exchange is authorized to provide a variety of services, including the exchange and conversion of currencies, facilitating deposits and withdrawals in fiat currencies, custody of cryptocurrency assets, and exchange trading
The unveiling of the new platform was officially announced at a press conference on June 20, 2023. The event was graced by government dignitaries, representatives from Kazakhstan’s banking sector, and the leadership team of Binance Kazakhstan.
Asset Turysov, the Vice Minister of Digital Development, Innovation, and Aerospace Industry of Kazakhstan, shared that the government is spearheading a unique initiative. This initiative aims to streamline the collaboration between the AIFC, cryptocurrency exchanges, and second-tier banks. Key stakeholders in this project include 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. Turysov highlighted that this initiative has already yielded promising outcomes.
Turysov said,
“Over the past year, regulators in Kazakhstan have taken significant steps towards the development of the cryptocurrency industry. Binance has provided assistance to Kazakhstan in the development of a legislative framework and a general policy for the regulation of crypto assets, as well as in the implementation of various educational initiatives, including for government and law enforcement agencies and regulators.”
Freedom Finance Bank in Kazakhstan has created a service for the new exchange’s users, enabling them to transfer fiat funds to their platform account.
Ablaykhan Ospanov, Managing Director of Bank Freedom Finance Kazakhstan JSC, hailed the launch of the pilot project for cryptocurrency exchanges in Kazakhstan as a significant industry milestone.
Despite facing regulatory challenges in various regions, Binance continues to push forward with its global expansion strategy. The company recently exited from Cyprus and the Netherlands and is currently navigating a complex situation with the SEC. Furthermore, its registration in the UK was recently revoked. Despite these setbacks, Binance’s recent foray into Kazakhstan signifies a major milestone in its expansion plans, demonstrating the company’s resilience and commitment to expanding its global footprint.
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