• Binance Kazakhstan was officially launched on June 20, 2023 in the presence of government and banking industry representatives.
  • The platform will allow users to buy and sell cryptocurrencies with fiat currency as well as access spot trading and conversions.
  • Despite the launch of the local platform, users in Kazakhstan will still have access to the global Binance.com.

Just days after crypto giant Binance withdrew from the Dutch market, Binance has announced a regulated digital asset platform in Kazakhstan.

Ann announcement A Binance blog on Wednesday said the expansion into the Central Asian country will come after the exchange secures a license from the AIFC Financial Services Authority (AFSA).

The exchange secured approval last October, allowing it to offer cryptocurrency custody services and operate a digital asset platform at the Astana International Financial Center (AIFC).

Binance Kazakhstan Offers Storage and Trading Among Other Services

The official launch of the Binance Kazakhstan platform will take place on June 20, 2023, Binance said in a blog post. The launch was also attended by government officials and representatives from the banking industry. Executives from local digital asset platform Binance were also present.

According to the news release, the new platform will offer several services such as exchange and conversion, fiat deposits and withdrawals, cryptocurrency storage and exchange trading. Binance Kazakhstan supports deposits and withdrawals via bank cards and bank transfers, which are available through Freedom Finance Bank.

Kazakhstan’s Deputy Minister of Digital Development, Innovation and Aerospace Industry Asset Turisov said the country is focusing on promoting exchanges between Tier II banks, AIFCs and cryptocurrency exchanges. As such, the National Bank of Kazakhstan, the Republic of Kazakhstan Monetary Surveillance Authority, and the Financial Markets Regulatory and Development Authority are all involved in this effort.

Turisov also praised Binance’s role in developing the country’s cryptocurrency industry, including developing the legal framework for cryptocurrency regulation.

Binance was recently sued by the U.S. Securities and Exchange Commission (SEC) and announced its withdrawal from the Canadian market, citing regulatory restrictions.

By Jules

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