Crypto exchange Binance has announced launching digital asset platform in Kazakhstan, following obtaining permanent license from the AIFC Financial Services Authority (AFSA) last year.
In the announcement from Wendesday, Binance detailed that the new platform will offer users trading and custody of digital assets, deposit and withdrawal of fiat currencies and conversion services to Kazakhstani users.
The new platform follows Binance reducing its presence in Europe by exiting Cyprus and the Netherlands. Additionally, the crypto exchange is being investigated for money laundering by French regulators and is being sued by the US Securities and Exchange Commission.
The platform launch in Kazakhstan comes as the local government is seeking to develop the country’s crypto industry.
Asset Turysov, Vice Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, 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.
Binance is effectively collaborating with five regulatory entities within the country, including the AIFC Financial Services Authority (AFSA), the Ministry of Digital Development, Innovation and Aerospace Industry of Kazakhstan, the National Bank of the Republic of Kazakhstan, the Financial Market Regulation and Development Agency, and the Financial Monitoring Agency, to ensure smooth operations. Furthermore, the crypto exchange plans to expand the trading platform in the near future.
Zhaslan Madiyev, General Manager of Binance Kazakhstan, added:
Thanks to constantly being in touch with Kazakhstan regulators, by the end of the year we plan to significantly expand the product line for users of the local cryptocurrency exchange, as well as to have no less than 100 digital assets approved and available on the platform.
