Kazakhstan welcomes Binance’s local digital asset platform with fanfare

A local bank will ensure the transfer of fiat funds to the new platform.

Binance, the world’s largest crypto exchange, has announced the launch of a regulated digital asset platform in Kazakhstan, following the successful acquisition of a license from the AIFC Financial Services Authority (AFSA) last October for digital asset administration and custodial services at the Astana International Financial Center (AIFC).

Procurement of a permanent license signifies Binance's official recognition as a regulated platform in the Central Asian nation and compliance to stringent security protocols, the company said in a blog release

The new branch exchange will be empowered to extend a comprehensive array of services, including exchange and conversion facilities, fiat currency deposits and withdrawals, custody of crypto assets, as well as exchange trading.

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The official inauguration of the platform took place on 20 June 2023, amid a grand press event attended by Kazakh government officials abd representatives of the banking industry.

Zhaslan Madiyev, the general manager of Binance Kazakhstan, acknowledged the company’s fruitful collaboration with five regulatory entities in the country - the AIFC Financial Services Authority (AFSA); the Ministry of Digital Development, Innovation, and Aerospace Industry; the National Bank of Kazakhstan; the Financial Market Regulation and Development Agency; and the Financial Monitoring Agency.

Binance said it was committed to expand the product line for local cryptocurrency exchange users and to maintain no fewer than 100 digital assets available and approved on the platform by the end of this year.

Binance Kazakhstan users can engage in the purchase and sale of cryptocurrencies, leveraging fiat balances, spot trading, and conversions, with the anticipation of a broader range of services in the near future. To facilitate deposits and withdrawals, the platform offers two channels: bank cards and bank transfers via the Freedom Finance Bank of Kazakhstan.

The global www.binance.com platform will continue to be accessible to users in Kazakhstan. Binance services are currently available in 48 countries.