- Binance, after receiving a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA), has initiated a localized digital asset platform to offer Kazakhstani users a broad range of cryptocurrency services.
- This novel platform underscores Binance’s commitment to work alongside Kazakhstan’s regulatory bodies, fostering a comprehensive regulatory framework for digital assets in the country.
Binance, the globally recognized leader in blockchain and cryptocurrency services, has made strides in Kazakhstan with the inauguration of a local digital asset platform. This strategic move, following Binance’s approval by the AIFC Financial Services Authority (AFSA) last October, positions the company as a key player in Kazakhstan’s growing digital asset landscape.
The new regulated platform showcases Binance’s commitment to adherence to regulatory norms and stringent security controls. It is authorized to offer services that include digital asset exchange, fiat currency transactions, custody of cryptocurrencies, and trading capabilities on the exchange.
The platform’s launch, announced at a press event graced by government dignitaries, banking representatives, and Binance’s Kazakhstan leadership, marked a milestone in the country’s cryptocurrency progression. Kazakhstan’s government, in collaboration with AIFC, cryptocurrency exchanges, and second-tier banks, is spearheading an initiative to streamline the process of cryptocurrency acceptance and adoption.
Binance has been pivotal in helping shape Kazakhstan’s legislative framework for cryptocurrency regulation, also contributing to several educational initiatives. The country’s regulators appreciate Binance’s proactive involvement in cultivating a vibrant crypto ecosystem.
Zhaslan Madiyev, General Manager of Binance Kazakhstan, affirmed Binance’s ongoing collaboration with five regulatory bodies within the country. He stated,
“By maintaining open dialogue with Kazakhstan’s regulators, we aim to broaden the product offerings of the local cryptocurrency exchange by the year-end, targeting approval for at least 100 digital assets on the platform.”
Freedom Finance Bank, a local financial institution, has crafted a service enabling the exchange’s users to transfer fiat funds directly to their platform account. This partnership is seen as a crucial step in accelerating the growth of the blockchain and cryptocurrency industry within the country.
Binance Kazakhstan users are provided with multiple services including fiat balance management, spot trading, and conversion, with future expansion plans in the pipeline. Two primary channels for deposit and withdrawal – bank cards and bank transfer via Freedom Finance Bank – have been established. Meanwhile, Kazakhstan’s users will still have access to Binance’s global platform.