Binance Launches Regulated Digital Asset Platform in Kazakhstan

• The platform will include a number of services tailored to the needs of its Kazakh consumers.
• Freedom Finance Bank, a Kazakh bank, will provide the banking services.

In light of mounting regulatory concerns in the West, the global cryptocurrency exchange Binance has announced the opening of a regulated digital asset platform in Kazakhstan. On June 20, 2023, Binance Kazakhstan and members from the financial sector in Kazakhstan held a press conference to announce the launch of the new platform.

A permanent license to provide a digital asset platform and custodial services at the Astana International Financial Centre (AIFC) in Kazakhstan was granted to the cryptocurrency exchange by the AIFC Financial Services Authority in October of last year, following the exchange’s receipt of in-principle approval to operate in Kazakhstan in August.

Banking on International Expansion

The new platform will include a number of services tailored specifically to the needs of its Kazakh consumers, such as the ability to deposit and withdraw fiat currency and the storage of digital assets.

Freedom Finance Bank, a Kazakh bank, will provide banking services that will enable new users of the digital asset exchange to deposit fiat currency into their accounts. Currently, Freedom Finance Bank accepts deposits and withdrawals through bank cards and direct bank transfers for fiat currency.

This new action by the most popular cryptocurrency trading platform comes as regulatory concerns mount in the United States and many European nations. U.S. regulatory agency, the Securities and Exchange Commission (SEC) has filed lawsuits against Binance. The SEC is leading the probe against Binance, but European officials are reportedly collaborating with them.

On the other hand, Bitcoin (BTC) had a substantial increase of over 8%, up to the $29,000 level. This remarkable price shift has sent shockwaves across the market. Leading major altcoins also witness gains.

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