- Binance, the cryptocurrency exchange, announced that it has launched a new cryptocurrency platform in a Central Asian country.
- This step comes after Binance obtained a license from the Financial Services Authority (AFSA) last October to manage a digital asset platform and provide custody services at the Astana International Financial Center (AIFC).
- Freedom Finance Bank has developed a service that allows users of the new exchange to transfer their fiat funds to their user accounts on the platform.
Binance, the world’s largest cryptocurrency exchange, has launched a new digital asset platform in the Central Asian country where it previously obtained a license.
Binance Expands to Kazakhstan
According to information in an announcement made by Binance today, the world’s largest cryptocurrency exchange has officially launched a regulated cryptocurrency platform in Kazakhstan.
#BINANCE has launched a regulated crypto platform in KAZAKHSTAN. $BNB
— CO NEWS (@coinotag) June 21, 2023
This step comes after Binance obtained a license from the Financial Services Authority (AFSA) last October to manage a digital asset platform and provide custody services at the Astana International Financial Center (AIFC).
This license also grants Binance a regulated platform status with strong compliance and security controls. The new exchange will have the authority to provide trading and conversion services, deposit and withdrawal of fiat currencies, and storage and exchange of crypto assets.
The launch of the new platform was announced at a press event attended by Kazakh government officials, representatives from the banking sector, and Binance Kazakhstan leadership.
According to Asset Turysov, Deputy Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, the Kazakh government is undertaking a special initiative to facilitate interaction between AIFC, cryptocurrency exchanges, and second-tier banks. The initiative involves the participation of the National Bank of Kazakhstan, the Financial Services Authority of Kazakhstan, and the Financial Market Regulation and Development Agency.
Turysov said: “Regulators in Kazakhstan took significant steps last year for the development of the cryptocurrency industry. Binance has helped Kazakhstan in creating a legal framework and regulating crypto assets, and has also assisted in implementing various educational initiatives for the government and regulatory authorities.”
Local Currency Infrastructure
Freedom Finance Bank in Kazakhstan has developed a service that allows users of the new exchange to transfer their fiat funds to their user accounts on the platform.
Ablaykhan Ospanov, CEO of Bank Freedom Finance Kazakhstan JSC, described the launch of a pilot project for cryptocurrency exchanges in Kazakhstan as a “significant driving force” for the entire industry and said, “We expect many countries to follow Kazakhstan’s example. We see a great potential in blockchain and the cryptocurrency industry, and we are making great efforts for its growth.”
