- The platform is launched in cooperation with regulators
- Users from Kazakhstan can continue to use the global exchange
Crypto exchange Binance announced on the launch of the platform in Kazakhstan. Back in October 2022, the company received a license from AFSA to operate a digital asset platform and provide custodial services at the Astana International Financial Center (AIFC). This license grants Binance the status of a regulated platform in Kazakhstan. This is a testament to its robust compliance and safety enforcement.
It is known that users will be able to use the basic functions, namely the exchange, conversion, input and output of fiat currencies, as well as the storage of digital assets. Two channels are available for depositing and withdrawing funds: bank cards and bank transfer through Freedom Finance Bank. However, the range of services and the number of assets for trading will constantly expand.
Representatives of the regulatory bodies of Kazakhstan also spoke about the launch of the exchange in the country. Vice Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, Aset Turysov, said the government is implementing a special initiative to facilitate interaction between AIFC, cryptocurrency exchanges and second-tier banks. He added:
“Over the past year, the regulators of Kazakhstan have taken significant steps towards the development of the cryptocurrency industry. Binance has actively supported Kazakhstan in the development of a legislative framework and a general policy for the regulation of crypto assets, as well as the implementation of various educational initiatives, in particular for government agencies, law enforcement agencies and regulators.”
The CEO of Binance Kazakhstan, Zhaslan Madiev, thanked the 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, at the beginning of the month, the Bybit crypto exchange received official permission to work in Kazakhstan. The license for trading in digital assets and storage was issued by the regulator AFSA Kazakhstan.