- Binance, a leading global blockchain ecosystem, has launched a regulated digital asset platform in Kazakhstan, offering a range of services including exchange and conversion, fiat deposit and withdrawal, and crypto asset custody.
- The launch is a result of Binance’s productive engagement with Kazakhstan’s regulators, contributing to the development of a robust regulatory framework for digital assets in the country.
Binance, a global leader in the blockchain ecosystem and cryptocurrency infrastructure, has made a significant stride in its expansion strategy by launching a regulated digital asset platform in Kazakhstan. This move comes after Binance secured a license from the AIFC Financial Services Authority (AFSA) in October last year, allowing it to manage a digital asset platform and provide custodial services at the Astana International Financial Center (AIFC).
The license not only grants Binance a permanent presence in Kazakhstan but also validates its robust compliance and security controls. The newly launched platform will offer a variety of services, including exchange and conversion services, fiat currency deposit and withdrawal, crypto asset custody, and exchange trading.
The announcement of the new platform was made at a press event on June 20, 2023, attended by government officials, representatives of Kazakhstan’s banking industry, and Binance Kazakhstan leadership. The government of Kazakhstan is actively facilitating interactions between the AIFC, cryptocurrency exchanges, and second-tier banks through a special initiative. This project involves 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, and has already yielded impressive results.
Binance has been instrumental in assisting Kazakhstan in developing a legislative framework and a general policy for the regulation of crypto assets. The company has also been involved in implementing various educational initiatives for government and law enforcement agencies and regulators.
Zhaslan Madiyev, General Manager of Binance Kazakhstan, expressed gratitude to all regulators for their significant contribution to the development of the cryptocurrency industry in the country. He also mentioned Binance’s plans to expand the product line for users of the local cryptocurrency exchange by the end of the year, with the aim to have at least 100 digital assets approved and available on the platform.
In terms of fiat infrastructure, Freedom Finance Bank in Kazakhstan has developed a service that allows users of the new exchange to transfer fiat funds to their platform account. Ablaykhan Ospanov, Managing Director of Bank Freedom Finance Kazakhstan JSC, lauded the launch of the pilot project for the operation of cryptocurrency exchanges in Kazakhstan as a significant boost for the entire industry.
Users of Binance Kazakhstan can buy and sell cryptocurrencies using a fiat balance, spot trading, and conversion, with the range of services expected to expand. Two channels are available for deposit and withdrawal: bank cards and bank transfer via Freedom Finance Bank. The global Binance platform will continue to be accessible to users in Kazakhstan.
