Binance Expands to Kazakhstan, Launches Local Crypto Exchange

Binance spread its wings to Kazakhstan. (Photo; Doc. TronWeekly)

JAKARTA - Binance, the world's largest crypto exchange, is expanding its presence in Kazakhstan by launching a local exchange in the country. This move came after Binance obtained a license from the AIFC Financial Services Authority (AFSA) in October 2022, which qualifies them as a regulated platform in Kazakhstan.

At a press event attended by Binance Kazakhstan chairman, government officials, and representatives of the Kazakh banking industry, Binance announced the launch of this new digital asset exchange. The exchange will offer fiat currency exchange, conversion, deposit and withdrawal services, as well as crypto asset storage.

Freedom Finance Bank Kazakhstan will provide a banking service that will allow exchange users to transfer fiat funds from banks to the new exchange platform. Currently, users can make fiat transfers via bank cards and transfers via Freedom Finance Bank.

The move was welcomed by Ablaykhan Ospanov, Managing Director of Freedom Finance Kazakhstan Bank JSC, who called it a significant boost for the industry and suggested other countries should follow Kazakhstan's lead. Asset Turysov, Deputy Minister of Digital Development, Innovation and Aerospace Industry in Kazakhstan, also highlighted the collaboration between crypto exchanges, AIFC and second-tier banks offered by the government.

Meanwhile, Binance faces regulatory challenges in the United States and several European countries. They were faced with lawsuits from the Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC) regarding the activity of trading and offering crypto as securities.

Despite this, Binance has continued to expand and strengthen its presence in various countries, including Kazakhstan. Zhaslan Madiyev, General Manager of Binance Kazakhstan, plans to expand the product line of this new exchange by adding at least 100 approved digital assets by the end of 2023.