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Binance unveils local crypto exchange in Kazakhstan

binance-unveils-local-crypto-exchange-in-kazakhstan
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Binance unveils local crypto exchange in Kazakhstan

Major crypto exchange Binance continues to expand its services globally with the latest launch of a new digital asset platform in Kazakhstan. 

New crypto exchange for Kazakhstan users

Binance announced the launch of the local crypto exchange in a press event that had in attendance Kazakhstan government officials, Binance Kazakhstan’s leadership, and representatives from the country’s banking industry 

The digital assets platform will offer Kazakhstan users services such as deposit and withdrawal of fiat, crypto custody, exchange and conversion. Bank Freedom Finance Kazakhstan JSC will offer banking services, allowing users in the country to transfer fiat to their Binance accounts.

At the moment, there are two channels available for investors to carry out deposits and withdrawals via the bank, which are bank transfers and bank cards. 

In a statement, the General Manager of Binance Kazakhstan, Zhaslan Madiyev, while thanking the Kazakhstan government for encouraging the development environment of the crypto industry in the country, said that there are plans “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” by the end of 2023. 

The latest development comes after Binance received a permanent license in October 2022 from Kazakhstan’s Astana Financial Services Authority (AFSA), to operate a crypto firm and provide custody services at the Astana International Financial Center (AIFC), after receiving an in-principle approval in August 2022. 

Binance has been in collaboration with the Kazakhstan government, with the crypto exchange giant showing support for the country’s proposed digital currency project. Apart from Binance, Bybit is also looking to operate in the Central Asian country.

Meanwhile, Binance’s expansion into Kazakhstan comes at a time when the crypto exchange is battling lawsuits from U.S. regulators and withdrawing its services from unfavorable markets. The company is also reportedly facing investigations from French authorities for alleged money laundering.