06-22-2023, 06:24 AM
Binance Enters Central Asia with Launch of Local Service in Kazakhstan
<p>Binance, which <a href="https://www.financemagnates.com/cryptocurrency/news/binance-signs-mou-with-a-ministry-from-the-republic-of-kazakhstan/" target="_blank" rel="follow">obtained</a> a permanent license in Kazakhstan in October last year, has
launched a local trading platform in the Central Asia country. The new platform
will offer users trading and custody of digital assets, deposit and withdrawal
of fiat currencies as well as conversion services, Binance said in a blog post
<a href="https://www.binance.com/en/blog/ecosystem/binance-launches-a-regulated-digital-asset-platform-in-kazakhstan-7318383218004275432?ref=P3W07KOS&utm_source=BinanceLinkedIn&utm_medium=GlobalSocial&utm_campaign=GlobalSocial" target="_blank" rel="follow">published</a> today (Wednesday).</p><p>Binance Launches in
Kazakhstan</p><p>The development comes
as Binance shrinks its presence in Europe and prepares to exit <a href="https://www.financemagnates.com/cryptocurrency/binance-seeks-to-deregister-subsidiary-in-cyprus/" target="_blank" rel="follow">Cyprus</a> and <a href="https://www.financemagnates.com/cryptocurrency/binance-shrinks-eu-presence-exits-netherlands-after-cyprus/" target="_blank" rel="follow">the Netherlands</a>. The exchange is
also reportedly <a href="https://www.financemagnates.com/cryptocurrency/binance-france-under-probe-over-illegal-crypto-service-money-laundering-report/">facing a money laundering
probe</a> in France even as it <a href="https://www.financemagnates.com/cryptocurrency/court-approves-deal-between-sec-and-binanceus-to-avoid-asset-freeze/" target="_blank" rel="follow">battles regulators</a> in the United States</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Binance?src=hash&ref_src=twsrc%5Etfw">#Binance</a> launches a regulated platform in Kazakhstan.This local platform will be authorized to offer exchange and conversion services, deposit and withdrawal of fiat currencies, custody of crypto assets, and exchange trading.</p>— Binance (@binance) <a href="https://twitter.com/binance/status/1671498187322925056?ref_src=twsrc%5Etfw">June 21, 2023</a></blockquote><p>Binance’s presence in
Kazakhstan marks its first presence in the Central Asia sub-region although
the world’s largest <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__secondary-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa">cryptocurrency exchange</a> offers support to <a href="https://www.binance.com/en/country-region-selector" target="_blank" rel="follow">users several countries</a> across Asia. The exchange’s launch in
Kazakhstan comes as regulators seek to develop the country’s
cryptocurrency industry. </p><p>“Binance has provided
assistance to Kazakhstan in the development of a legislative framework and a
general policy for the <a href="https://www.financemagnates.com/terms/r/regulation/" class="terms__main-term" id="341d154e-1396-4d12-a357-4837e79c4146">regulation</a> of crypto assets, as well as in the
implementation of various educational initiatives, including for government and
law enforcement agencies and regulators,” explained Asset Turysov, Kazakhstan’s Vice
Minister for Digital Development, Innovation and Aerospace Industry. </p><p>Future Plans</p><p>To float its local services in
Kazakhstan, Binance also partnered with local financial services provider, Bank
Freedom Finance Kazakhstan JSC. The collaboration provides users in the country with the ability to transfer fiat funds to accounts on the new trading platform. Moreover, Binance plans to expand the trading platform in the coming months.</p><p>“Thanks to constantly
being in touch with Kazakhstan regulators, by the end of the year we plan to
significantly expand the product line for users of the local cryptocurrency
exchange, as well as to have no less than 100 digital assets approved and
available on the platform," Zhaslan Madiyev, General Manager of Binance
Kazakhstan, stated.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...azakhstan/
<p>Binance, which <a href="https://www.financemagnates.com/cryptocurrency/news/binance-signs-mou-with-a-ministry-from-the-republic-of-kazakhstan/" target="_blank" rel="follow">obtained</a> a permanent license in Kazakhstan in October last year, has
launched a local trading platform in the Central Asia country. The new platform
will offer users trading and custody of digital assets, deposit and withdrawal
of fiat currencies as well as conversion services, Binance said in a blog post
<a href="https://www.binance.com/en/blog/ecosystem/binance-launches-a-regulated-digital-asset-platform-in-kazakhstan-7318383218004275432?ref=P3W07KOS&utm_source=BinanceLinkedIn&utm_medium=GlobalSocial&utm_campaign=GlobalSocial" target="_blank" rel="follow">published</a> today (Wednesday).</p><p>Binance Launches in
Kazakhstan</p><p>The development comes
as Binance shrinks its presence in Europe and prepares to exit <a href="https://www.financemagnates.com/cryptocurrency/binance-seeks-to-deregister-subsidiary-in-cyprus/" target="_blank" rel="follow">Cyprus</a> and <a href="https://www.financemagnates.com/cryptocurrency/binance-shrinks-eu-presence-exits-netherlands-after-cyprus/" target="_blank" rel="follow">the Netherlands</a>. The exchange is
also reportedly <a href="https://www.financemagnates.com/cryptocurrency/binance-france-under-probe-over-illegal-crypto-service-money-laundering-report/">facing a money laundering
probe</a> in France even as it <a href="https://www.financemagnates.com/cryptocurrency/court-approves-deal-between-sec-and-binanceus-to-avoid-asset-freeze/" target="_blank" rel="follow">battles regulators</a> in the United States</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Binance?src=hash&ref_src=twsrc%5Etfw">#Binance</a> launches a regulated platform in Kazakhstan.This local platform will be authorized to offer exchange and conversion services, deposit and withdrawal of fiat currencies, custody of crypto assets, and exchange trading.</p>— Binance (@binance) <a href="https://twitter.com/binance/status/1671498187322925056?ref_src=twsrc%5Etfw">June 21, 2023</a></blockquote><p>Binance’s presence in
Kazakhstan marks its first presence in the Central Asia sub-region although
the world’s largest <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__secondary-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa">cryptocurrency exchange</a> offers support to <a href="https://www.binance.com/en/country-region-selector" target="_blank" rel="follow">users several countries</a> across Asia. The exchange’s launch in
Kazakhstan comes as regulators seek to develop the country’s
cryptocurrency industry. </p><p>“Binance has provided
assistance to Kazakhstan in the development of a legislative framework and a
general policy for the <a href="https://www.financemagnates.com/terms/r/regulation/" class="terms__main-term" id="341d154e-1396-4d12-a357-4837e79c4146">regulation</a> of crypto assets, as well as in the
implementation of various educational initiatives, including for government and
law enforcement agencies and regulators,” explained Asset Turysov, Kazakhstan’s Vice
Minister for Digital Development, Innovation and Aerospace Industry. </p><p>Future Plans</p><p>To float its local services in
Kazakhstan, Binance also partnered with local financial services provider, Bank
Freedom Finance Kazakhstan JSC. The collaboration provides users in the country with the ability to transfer fiat funds to accounts on the new trading platform. Moreover, Binance plans to expand the trading platform in the coming months.</p><p>“Thanks to constantly
being in touch with Kazakhstan regulators, by the end of the year we plan to
significantly expand the product line for users of the local cryptocurrency
exchange, as well as to have no less than 100 digital assets approved and
available on the platform," Zhaslan Madiyev, General Manager of Binance
Kazakhstan, stated.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...azakhstan/