Binance Starts a Regulated Platform in Kazakhstan, Hopes to List 100 Coins

• Binance launched a regulated digital asset platform in Kazakhstan.
• The platform offers various services, including exchange and conversion facilities.
• Binance aims to expand its product offerings and list 100 coins by year-end.

Barely a week after exiting the Dutch market due to regulatory constraints, the largest crypto infrastructure provider, Binance, announced the launch of a regulated digital asset platform in Kazakhstan.

The official announcement occurred on June 20 during a press event attended by government officials, representatives from Kazakhstan’s banking industry, and key figures from Binance Kazakhstan.

This development follows Binance’s successful acquisition of a license from the AIFC Financial Services Authority (AFSA) last year, granting the company the ability to manage a digital asset platform and offer custodial services within the Astana International Financial Center (AIFC).

The newly launched platform, backed by a permanent license, establishes Binance as a regulated player in the Kazakhstani market, showcasing its robust compliance measures and stringent security controls.

Users of the exchange will have access to a range of services, including exchange and conversion facilities, fiat currency deposits and withdrawals, crypto asset custody, and exchange trading.

Asset Turysov, the Vice Minister of Digital Development, Innovation, and Aerospace Industry of Kazakhstan, highlighted the government’s initiative to foster collaboration between the AIFC, crypto exchanges, and second-tier banks.

Turysov acknowledged Binance’s significant contribution to Kazakhstan’s crypto industry, stating that the exchange has been crucial in developing legislative frameworks, regulatory policies, and educational initiatives aimed at various governmental and law enforcement agencies.

Zhaslan Madiyev, the General Manager of Binance Kazakhstan, expressed gratitude to the country’s regulatory bodies. Madiyev further revealed that Binance has plans to expand its product offerings on the local crypto exchange, with a target of obtaining approval for at least 100 digital assets by the end of the year.