Binance Enters Central Asia with Launch of Local Service in Kazakhstan

Binance Enters Central Asia with Launch of Local Service in Kazakhstan

Time Stamp: June 21, 2023 3:28 PM
Binance Enters Central Asia with Launch of Local Service in Kazakhstan PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Binance, which obtained a permanent license in Kazakhstan in October last year, has
launched a local trading platform in the Central Asia country. The new platform
will offer users trading and custody of digital assets, deposit and withdrawal
of fiat currencies as well as conversion services, Binance said in a blog post
published today (Wednesday).

The development comes
as Binance shrinks its presence in Europe and prepares to exit Cyprus and the Netherlands. The exchange is
also reportedly facing a money laundering
probe in France even as it battles regulators in the United States

Binance’s presence in
Kazakhstan marks its first presence in the Central Asia sub-region although
the world’s largest cryptocurrency exchange offers support to users several countries across Asia. The exchange’s launch in
Kazakhstan comes as regulators seek to develop the country’s
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,” explained Asset Turysov, Kazakhstan’s Vice
Minister for Digital Development, Innovation and Aerospace Industry.

Future Plans

To float its local services in
Kazakhstan, Binance also partnered with local financial services provider, Bank
Freedom Finance Kazakhstan JSC. The collaboration provides users in the country with the ability to transfer fiat funds to accounts on the new trading platform. Moreover, Binance plans to expand the trading platform in the coming months.

“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,” Zhaslan Madiyev, General Manager of Binance
Kazakhstan, stated.

Binance, which obtained a permanent license in Kazakhstan in October last year, has
launched a local trading platform in the Central Asia country. The new platform
will offer users trading and custody of digital assets, deposit and withdrawal
of fiat currencies as well as conversion services, Binance said in a blog post
published today (Wednesday).

The development comes
as Binance shrinks its presence in Europe and prepares to exit Cyprus and the Netherlands. The exchange is
also reportedly facing a money laundering
probe in France even as it battles regulators in the United States

Binance’s presence in
Kazakhstan marks its first presence in the Central Asia sub-region although
the world’s largest cryptocurrency exchange offers support to users several countries across Asia. The exchange’s launch in
Kazakhstan comes as regulators seek to develop the country’s
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,” explained Asset Turysov, Kazakhstan’s Vice
Minister for Digital Development, Innovation and Aerospace Industry.

Future Plans

To float its local services in
Kazakhstan, Binance also partnered with local financial services provider, Bank
Freedom Finance Kazakhstan JSC. The collaboration provides users in the country with the ability to transfer fiat funds to accounts on the new trading platform. Moreover, Binance plans to expand the trading platform in the coming months.

“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,” Zhaslan Madiyev, General Manager of Binance
Kazakhstan, stated.

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