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Binance Expands Its Reach In Central Asia With New Kazakhstan Platform

Press Releases Crypto News Bitcoinist Binance Expands Its Reach In Central Asia With New Kazakhstan Platform

Binance, the world’s largest cryptocurrency exchange has announced the launch of a regulated digital asset platform in Kazakhstan.

Following its successful application for a permanent license from the AIFC Financial Services Authority (AFSA) last year, Binance can now offer a suite of services to Kazakhstani users, including exchange and conversion services, deposit and withdrawal of fiat, and custody of crypto assets.

According to the announcement, the platform will also expand its range of services and assets available for trading in the future.

Binance Enters Kazakhstan Market

At a press event held on June 20, 2023, government officials, representatives of Kazakhstan’s banking industry, and Binance Kazakhstan leadership were present to mark the launch of the platform.

Asset Turysov, Vice Minister of Digital Development, Innovation, and Aerospace Industry of Kazakhstan, highlighted the government’s special initiative to facilitate interaction between the AIFC, cryptocurrency exchanges, and second-tier banks.

The National Bank of Kazakhstan, the Financial Monitoring Agency of the Republic of Kazakhstan, and the Agency for Regulation and Development of the Financial Market are all part of this project, which has already shown promising results, according to the press release.

Zhaslan Madiyev, General Manager of Binance Kazakhstan, expressed gratitude to the regulators for their contribution to the development of the cryptocurrency industry in the country.

In light of these developments, Binance Kazakhstan users can now buy and sell cryptocurrencies using a fiat balance, spot trading, and conversion, with the range of services expected to expand.

Deposit and withdrawal channels include bank cards and bank transfers via Freedom Finance Bank. The global Binance platform will continue to be available to users in Kazakhstan.