Binance, which obtained a permanent license in Kazakhstan in October last year, has launched a local trading platform in the Central Asian 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 mentioned in a blog postpublished today (Wednesday).
Binance Launches in Kazakhstan
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 inquiry in France even as it battles regulators in the United States
#Binance launches a regulated platform in Kazakhstan.This local platform will be authorized to offer exchange and conversion services, deposit and withdrawal of fiat currencies, custody of crypto assets, and exchange trading.
— Binance (@binance) June 21, 2023
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 in 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, the General Manager of Binance Kazakhstan, stated.
This article was written by Solomon Oladipupo at www.financemagnates.com.
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