Major cryptocurrency exchange Binance continues to expand its services globally with the latest launch of a new digital asset platform in Kazakhstan.
A new cryptocurrency exchange for Kazakhstan users
binance announce Local cryptocurrency exchange launched at press event attended by Kazakhstan government officials, Binance Kazakhstan leadership, and representatives from the country’s banking industry
The digital asset platform will provide services to Kazakh users such as deposit and withdrawal of securities, digital currency custody, exchange and transfer. Bank Freedom Finance Kazakhstan JSC will provide banking services, allowing users in the country to transfer securities to their Binance accounts.
Currently, there are two channels available for investors to make deposits and withdrawals through the bank, namely wire transfers and bank cards.
In a statement, Binance Kazakhstan General Manager Zaslan Madayev, while thanking the Kazakh government for encouraging the development environment for the crypto industry in the country, said there are plans to “significantly expand the product line for domestic cryptocurrency users as well as acquire at least 100 assets.” Digital certified and available on the platform” by the end of 2023.
The latest development comes after Binance received a permanent license in October 2022 from the Financial Services Authority of Kazakhstan (AFSA), to operate a crypto company and provide custody services in the Astana International Financial Center (AIFC), after receiving initial approval in August 2022.
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Binance has teamed up with the government of Kazakhstan, as the cryptocurrency exchange giant showed its support for a proposed digital currency project in the country. Apart from Binance, Bybit is also looking forward to operating in the Central Asian country.
Meanwhile, Binance’s expansion into Kazakhstan comes at a time when the cryptocurrency exchange is battling lawsuits from US regulators and withdrawing its services from unfavorable markets. The company is also reportedly facing investigations from French authorities for alleged money laundering.
