Binance Opens Regulated Crypto Platform in Kazakhstan Amid Regulatory Challenges in the West
Binance has launched a regulated cryptocurrency exchange in Kazakhstan amid growing regulatory troubles in the West.
In a Wednesday blog post, the world's largest crypto exchange said it is launching the new platform after it secured a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA) last year.
The new platform will offer Kazakhstani users a slew of crypto and fiat-focused services, including exchange and conversion services, deposit and withdrawal of fiat, and custody of crypto assets.
Binance said the suite of services and the number of assets offered to Kazakhstani users will expand over time.
The exchange detailed that the new platform was launched on Tuesday in the presence of government officials, representatives of Kazakhstan’s banking industry, and Binance Kazakhstan leadership.
The launch of Binance Kazakhstan comes as the country has taken steps to create a favorable environment for crypto exchanges operating in the jurisdiction.
According to Asset Turysov, the vice minister of digital development, innovation, and aerospace industry in Kazakhstan, the government has launched a special initiative to enhance the interaction between AIFC, cryptocurrency exchanges, and second-tier banks.
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 are all part of the project.
"Over the past year, regulators in Kazakhstan have taken significant steps towards the development of the cryptocurrency industry," Turysov said in a comment.
Zhaslan Madiyev, the general manager of Binance Kazakhstan, said the exchange will continue to work with regulators, adding that it plans to have more than
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