- Platform launches in cooperation with regulators
- Users from Kazakhstan can continue to use the global exchange
Binance cryptocurrency exchange announced the launch of the platform in Kazakhstan. Back in October 2022, the company received a license from the AFSA to manage the digital asset platform and provide custodial services at the Astana International Financial Center (AIFC). This license gives Binance the status of a regulated platform in Kazakhstan. And that demonstrates its robust regulatory and security controls.
It is known that users will be able to use the basic functions, namely exchange, conversion, input and output of fiat currencies, as well as storage of digital assets. Two channels are available for deposit and withdrawal: bank cards and bank transfer via Freedom Finance Bank. Nevertheless, the range of services and the number of assets to be traded will be constantly expanding
Representatives of Kazakhstan’s regulatory authorities also spoke out about the launch of the exchange in the country. Kazakhstan’s Vice Minister of Digital Development, Innovation and Aerospace Industry, Aset Turysov, said the government is introducing a special initiative to facilitate interaction between the AIFC, cryptocurrency exchanges and second-tier banks. He added:
“Over the past year, Kazakhstan’s regulators have taken significant steps toward developing the cryptocurrency industry.. Binance has actively supported Kazakhstan in developing the legislative framework and general policy for regulating cryptoassets, as well as introducing various educational initiatives, particularly for government agencies, law enforcement and regulators.”
Binance Kazakhstan CEO, Zhaslan Madiyev, thanked regulators for supporting the development of the cryptocurrency sector. In addition, he added that by the end of 2023, the exchange plans to have at least 100 digital assets approved and available on the platform.
Also, earlier this month, Bybit Cyptoburrency received official approval to operate in Kazakhstan. The license for trading and storage of digital assets was issued by the regulator AFSA Kazakhstan.