Binance Launches Regulated Digital Asset Platform in Kazakhstan, Expanding Presence in Asia
Global cryptocurrency exchange Binance has unveiled a regulated digital asset platform in Kazakhstan, seizing the opportunity amid mounting regulatory challenges in Western countries.
The launch took place during a press event attended by representatives from Kazakhstan’s banking industry and Binance Kazakhstan’s leadership on June 20, 2023. Having obtained preliminary approval in August and a permanent license from the AIFC Financial Services Authority in October last year.
Binance’s new platform will provide a range of services for Kazakhstani users, including crypto-fiat exchange, deposits, withdrawals, and custody of digital assets. Kazakhstan’s Freedom Finance Bank will offer banking services, allowing users to transfer fiat funds to their platform accounts. Binance Kazakhstan aims to promote regional growth by nurturing local talent and supporting the development of blockchain projects and products.
While Binance faces regulatory challenges in the US and Europe, it continues to explore opportunities in the Asian market. Gemini, another major exchange, has also revealed plans to focus on the Asia-Pacific region, highlighting the increasing importance of the region amid regulatory uncertainties elsewhere.
Clever Robot News Desk 23rd June 2023