Troubled cryptocurrency exchange Binance has launched a regulated digital asset platform in Kazakhstan amid multi-jurisdictional regulatory issues.

on June 21st statementBinance said so Secure License from AIFC Financial Services Authority (AFSA) in Kazakhstan) It plans to manage the digital asset platform and provide custody services at the Astana International Financial Center (AIFC) in October 2022.

The new platform will provide Kazakh users with exchange and conversion services, fiat deposits and withdrawals, and cryptocurrency storage. ”

The exchange also revealed that Kazakhstan’s Freedom Finance Bank has developed a service that allows users to transfer fiat funds directly to their accounts on the platform.

Cooperation with five regulatory bodies

General Manager of Binance Kazakhstan, Zaslan Madiev, said the platform will be supported by AFSA, the Ministry of Digital Development, Innovation and Aerospace Industry of Kazakhstan, the National Bank of the Republic of Kazakhstan, the Financial Markets Regulatory and Development Authority and the Financial Supervisory Authority.

Madiev said this cooperation with the authorities will allow the exchange to “significantly expand its product line for users of local cryptocurrency exchanges, as well as allow more than 100 digital assets to be approved and available on the platform.” It helps to “make

Meanwhile, Kazakhstan’s Deputy Minister of Digital Development, Innovation and Aerospace Industry Asset Turisov said the government’s own efforts, including exchanges between several government agencies, cryptocurrency exchanges and second-tier banks, have produced “great results.” said to show.

regulatory issues

Binance faces various regulatory issues across multiple jurisdictions, including the US, where it has been accused of violating federal securities laws.

Binance pulled out of three European countries last week, including the UK, the Netherlands and Cyprus.

The exchange has attributed its decision to an effort to focus on larger markets in other European countries such as France. Sub-regional manager Iril Lalo added that the company has five regulated entities in France, Italy, Spain, Poland and Sweden.

An article about Binance expanding to Kazakhstan amid global regulatory hurdles first appeared on CryptoSlate.

By Jules

Leave a Reply