Binance Launches Kazakhstan Platform As US Strife Rumbles On

Updated: 27 June 2023

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Kazakhstan’s burgeoning cryptocurrency market received a major boost as global exchange giant Binance announced the launch of its regulated digital asset platform in the country.

Binance Expands into Kazakhstan, Overcoming Regulatory Troubles in the West

The move comes at a time when Binance faces mounting regulatory challenges in the United States and various European nations. The highly-anticipated launch was unveiled during a press event held on June 20, 2023, attended by representatives from Kazakhstan’s banking industry and Binance Kazakhstan’s leadership.

After obtaining preliminary approval in August of the previous year, Binance successfully acquired a permanent license from the AIFC Financial Services Authority (AFSA) in October.

Binance Launches a Regulated Digital Asset Platform in Kazakhstan, with local banking support.https://t.co/FMtG2qz3RW

— CZ 🔶 BNB (@cz_binance) June 21, 2023

This notable achievement empowers the exchange to provide a comprehensive digital asset platform and custodial services at the esteemed Astana International Financial Center (AIFC) in Kazakhstan.

The launch of the new platform in Kazakhstan opens up a world of possibilities for Kazakhstani users, providing them with a diverse range of services tailored to both cryptocurrencies and traditional fiat currencies.

Users can now seamlessly exchange and convert between different digital assets, effortlessly deposit and withdraw fiat currencies, and ensure the security of their crypto holdings through reliable custody services.

This expansion brings convenience and flexibility to the local cryptocurrency market, empowering users to navigate the world of digital finance with ease.

Banking services on the platform will be facilitated by Kazakhstan’s Freedom Finance Bank, enabling seamless transfer of fiat funds from users’ bank accounts to their Binance Kazakhstan platform. Currently, two fiat channels are available for deposits and withdrawals: bank cards and bank transfers via Freedom Finance Bank.

Binance Kazakhstan to Scale its Business

Zhaslan Madiyev, the General Manager of Binance Kazakhstan, emphasized that their initiatives extend beyond the digital asset platform. Madiyev stated, “Today we launched a local crypto exchange Binance in Kazakhstan integrated with the bank channel. This is the first such project in the region.

Binance Kazakhstan is going to adopt Binance’s best practices for its further deployment on a regional scale. In particular, we intend to develop the human capital of the country and the industry, so that future specialists and experts in blockchain can create their own projects and products for the further development of the entire industry and its gradual introduction into the daily lives of citizens”

Regulatory Troubles and Global Expansion Plans

The decision to expand into Kazakhstan comes amidst Binance’s ongoing legal battles in the United States, including lawsuits filed by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Additionally, the exchange has faced regulatory scrutiny in several European countries. France has been investigating Binance since early 2022 on charges of “aggravated money laundering,” resulting in the exchange’s departure from the Dutch market due to an inability to secure a virtual asset service provider license.

Binance also decided to wind down its services in the United Kingdom and Cyprus. Binance maintains that its recent withdrawals from several European countries were aimed at achieving compliance with the European Union-approved Markets in Crypto-Assets (MiCA) regulations.

However, reports suggest that European regulators are collaborating with the SEC in their investigation of Binance.

Amidst regulatory uncertainty in the United States and Europe, Binance is not alone in looking to the Asian market. Gemini plans to focus on the Asia-Pacific region, expanding in Singapore and establishing an engineering division in India.

Hong Kong’s emergence as a crypto hub has attracted interest, with local legislators inviting companies like Coinbase to set up offices there.

Through its expansion into Kazakhstan, Binance showcases its dedication to delivering cutting-edge cryptocurrency solutions to emerging markets, all while successfully addressing regulatory obstacles on a worldwide level.

The introduction of the new digital asset platform in Kazakhstan not only sets the stage for greater acceptance of blockchain technology but also empowers the country’s residents to actively engage in the thriving crypto economy.