In a major step towards global expansion, Binance, the world’s leading cryptocurrency exchange, has launched a regulated digital asset platform in Kazakhstan. This significant move follows Binance obtaining a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA) last year.
Known worldwide for its comprehensive blockchain ecosystem and cryptocurrency services, Binance has introduced a dedicated digital asset platform in Kazakhstan. This development comes after receiving a license from the AIFC Financial Services Authority (AFSA) in October of the previous year.
The obtained license allows Binance to operate a digital asset platform and provide custodial services within the jurisdiction of the Astana International Financial Center (AIFC). This milestone also establishes Binance as a regulated platform in Kazakhstan, highlighting its strong commitment to compliance and security protocols. The newly launched exchange is authorized to offer various services, including currency exchange and conversion, fiat currency deposits and withdrawals, custody of cryptocurrency assets, and exchange trading.
The official announcement of the platform took place at a press conference on June 20, 2023, attended by government officials, representatives from Kazakhstan’s banking sector, and the leadership team of Binance Kazakhstan.
Asset Turysov, the Vice Minister of Digital Development, Innovation, and Aerospace Industry of Kazakhstan, shared that the government is leading a unique initiative to enhance collaboration between the AIFC, cryptocurrency exchanges, and second-tier banks. Key stakeholders in this project include the National Bank of Kazakhstan, the Financial Monitoring Agency of the Republic of Kazakhstan, and the Agency for Regulation and Development of the Financial Market. Turysov emphasized the positive outcomes achieved through this initiative, acknowledging Binance’s assistance in developing a legislative framework, policy for crypto asset regulation, and educational initiatives for government, law enforcement agencies, and regulators.
In support of the new exchange, Freedom Finance Bank in Kazakhstan has launched a service allowing users to transfer fiat funds to their platform accounts. Ablaykhan Ospanov, Managing Director of Bank Freedom Finance Kazakhstan JSC, hailed this pilot project for cryptocurrency exchanges as a significant milestone for the industry.
Despite facing regulatory challenges in various regions, Binance remains committed to its global expansion strategy. While navigating complexities with the SEC and recent setbacks in Cyprus, the Netherlands, and the UK, Binance’s entry into the Kazakhstani market marks a major achievement in its expansion plans, showcasing the company’s resilience and determination to expand its global presence.
