Global cryptocurrency exchange Binance has launched a regulated digital asset platform in Kazakhstan amidst increasing regulatory challenges. The platform was unveiled at a press event on June 20, 2023, with representatives from the Kazakhstan banking industry and Binance Kazakhstan in attendance.
Binance received principle approval to operate in Kazakhstan in August and a permanent license to provide digital asset platform and custody services at the Astana International Financial Centre (AIFC) from the AIFC Financial Services Authority in October of the previous year.
The new platform will offer a range of cryptocurrency and fiat services for users in Kazakhstan, including exchange and conversion services, fiat deposits and withdrawals, as well as cryptocurrency custody.
Banking services will be provided by Kazakhstan’s Freedom Finance Bank, allowing users to exchange digital assets with fiat currency on the platform. Currently, there are two fiat channels for deposits and withdrawals, which are bank cards and bank transfers through Freedom Finance Bank.
This latest move by the leading cryptocurrency exchange comes amid increasing legal challenges in the United States and some European countries. Binance is currently facing a lawsuit from the U.S. Securities and Exchange Commission (SEC).