Binance Launches Regulated Crypto-Asset Platform in Kazakhstan

Binance, the global blockchain ecosystem and cryptocurrency infrastructure provider, has made a significant move into Kazakhstan with the launch of a locally regulated digital asset platform. This move follows the company's receipt of a license from the AIFC Financial Services Authority (AFSA) last October, enabling it to manage a digital asset platform and offer custodial services at the Astana International Financial Center (AIFC).

This license establishes Binance as a regulated entity within Kazakhstan, attesting to its robust compliance and security measures. The new platform will offer a range of services including crypto asset custody, deposit and withdrawal of fiat currencies, and exchange trading.

The new platform was launched on June 20, 2023, in a press event attended by government officials, representatives from Kazakhstan's banking industry, and Binance Kazakhstan's leadership team. Asset Turysov, Kazakhstan's Vice Minister of Digital Development, Innovation and Aerospace Industry, highlighted a government initiative designed to improve interactions between the AIFC, cryptocurrency exchanges, and second-tier banks. This initiative involves several key players, including the National Bank of Kazakhstan and the Agency for Regulation and Development of the Financial Market.

Turysov applauded Binance for assisting Kazakhstan in the development of a legislative framework for regulating crypto assets and implementing various educational initiatives. Zhaslan Madiyev, General Manager of Binance Kazakhstan, acknowledged the constructive working relationship Binance has established with five regulatory bodies within the country.

Looking to the future, Madiyev announced plans to significantly expand the product line for users of the local cryptocurrency exchange by the year's end, aiming to have at least 100 digital assets approved and available on the platform.

In another positive development, Freedom Finance Bank in Kazakhstan has developed a service that enables users of the new exchange to transfer fiat funds to their user account on the platform. Ablaykhan Ospanov, Managing Director of Bank Freedom Finance Kazakhstan JSC, lauded the launch of the pilot project as a major boost for the cryptocurrency industry, suggesting that other countries could follow Kazakhstan's example.

Binance users in Kazakhstan can buy and sell cryptocurrencies using a fiat balance, with additional spot trading and conversion services expected to be rolled out in the future. The global www.binance.com platform will continue to be accessible to users in Kazakhstan.