Binance launches regulated digital asset platform in Kazakhstan

• Binance Kazakhstan was officially announced on June 20, 2023 with government and banking industry representatives present.
• The platform will allow users to buy and sell crypto with fiat, access spot trading, and conversions.
• Despite the local platform’s launch, users in Kazakhstan will still be able to use the global Binance.com.

Binance has unveiled a regulated digital asset platform in Kazakhstan, just days after the crypto behemoth exited the Dutch market.

An announcement on the Binance blog on Wednesday noted that the move into the Central Asia nation comes after the exchange secured a license from the AIFC Financial Services Authority (AFSA). 

The exchange secured the approval in October last year, which allowed it to offer crypto custodial services and operate a digital asset platform at the Astana International Financial Center (AIFC).

Binance Kazakhstan to offer custody and trading among other services

The official launch of the Binance Kazakhstan platform was made on June 20, 2023, Binance noted in the blog post. Present during the unveiling were government officials and banking industry representatives from the country. Binance execs of the local digital asset platform were also present.

According to the news release, the new platform will provide several services, including exchange and conversion, fiat deposits and withdrawals, crypto custody, and exchange trading. Binance Kazakhstan supports deposits and withdrawals via bank cards and bank transfer, with these available through the Freedom Finance Bank.

Asset Turysov, Kazakhstan’s Vice Minister of Digital Development, Innovation and Aerospace Industry, said the country was focused on promoting the interaction between second-tier banks, AIFC and crypto exchanges. As such, 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 involved in this initiative.

Turysov also lauded Binance’s role in the development of the country’s crypto industry, including the development of a legislative framework for crypto regulation.

Binance was recently sued by the US Securities and Exchanges Commission (SEC) and announced its exit from the Canadian market citing regulatory constraints.