June 22, 2023

Binance Launches Digital Asset Platform in Kazakhstan

Binance in Kazakhstan

Binance in Kazakhstan

Binance, the world’s largest cryptocurrency exchange, seeks to expand its footprints outside the United States following the lawsuits against it from the US Securities and Exchange Commission.

Binance announced that it had opened a local digital asset platform in Kazakhstan after securing a license from the AIFC Financial Services Authority (AFSA) to manage a digital asset platform and provide custodial services at the Astana International Financial Center (AIFC) in October last year, the crypto exchange said in a press release

According to Binance, AFSA’s license makes the crypto exchange a regulated platform in Kazakhstan. 

Binance’s new exchange aims to provide exchange and conversion services, custody of crypto assets, and exchange trading, and deposit and withdrawal of fiat currencies. 

In this regard, General Manager of Binance Kazakhstan Zhaslan Madiyev said his company works with five regulatory bodies in the country, including the AIFC Financial Services Authority (AFSA), the Ministry of Digital Development, Innovation and Aerospace Industry of Kazakhstan, the National Bank of the Republic of Kazakhstan, the Financial Market Regulation and Development Agency, and the Financial Monitoring Agency. 

Madiyev pointed out that the new exchange targets to have no less than 100 digital assets approved and available on its platform.

Meanwhile, Vice Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan Asset Turysov noted: “Over the past year, regulators in Kazakhstan have taken significant steps towards the development of the cryptocurrency industry. Binance has provided assistance to Kazakhstan in the development of a legislative framework and a general policy for the regulation of crypto assets, as well as in the implementation of various educational initiatives, including for government and law enforcement agencies and regulators.” 

Binance is not the only crypto exchange that targets the Asian market. Gemini also announced it would hire more than one hundred employees to its team in Singapore within the next year as it believes in the potential for growth for the APAC market in addition to opening an engineering base in India to support its APAC expansion. 

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