The pressure is on the world’s largest crypto exchange. However, Binance continues to expand its operations to friendly jurisdictions. Just one week after exiting the Dutch market due to regulatory restrictions, the largest crypto infrastructure provider Binance has announced the launch of a regulated crypto-asset platform in Kazakhstan. One of these jurisdictions was Kazakhstan. Here are the details…
Binance opens in Kazakhstan
On June 21, Binance announced the launch of a regulated crypto-asset platform in Kazakhstan. Company CEO Changpeng Zhao stated that the exchange has received support from local banks in the country. Binance; It’s struggling with banking partners elsewhere, including the US, UK and Australia. The company said the new exchange follows the issuance of a perpetual license by Kazakhstan’s AIFC Financial Services Authority (AFSA) last year.
The newly launched platform backed by a perpetual license makes Binance a regulated player in the Kazakhstan market. Thus, it showcases robust compliance measures and stringent security controls. Additionally, the license allows Binance to manage a crypto-asset platform and provide custody services. It hopes to have a hundred cryptocurrencies available for trading by the end of the year. He noted that the new exchange will be empowered to offer trading and conversion services, deposit and withdrawal of fiat currencies, storage of crypto assets and exchange trading. Asset Turysov, Kazakhstan Deputy Minister of Digital Development, Innovation and Aerospace Industries, said that the government is conducting a private initiative.
The aim is to facilitate transactions between cryptocurrency exchanges and banks.
The aim of this initiative is to facilitate cooperation between Astana International Financial Center (AIFC), cryptocurrency exchanges and second-tier banks. In addition, the National Bank of Kazakhstan and the country’s financial regulators are also involved in the project. Turysov added that regulators in Kazakhstan have taken “significant steps” towards the development of the crypto-asset industry. The country was once a Bitcoin mining hub, but the state has recently restricted operations. Turysov said:
Binance has assisted Kazakhstan in developing a legal framework and general policy for the regulation of cryptoassets, as well as implementing various educational initiatives, including government and law enforcement and regulators.
Approval expectation for at least 100 coins
Binance Kazakhstan Managing Director Zhaslan Madiyev expressed his gratitude to the country’s regulatory authorities. Madiyev also revealed that Binance plans to expand its product offerings on the local crypto exchange with the goal of getting approvals for at least 100 coins by the end of the year. This move came amid massive pressure on Binance from Western countries, led by the United States. Just last week, Binance exited the Netherlands, as we have reported as Kriptokoin.com. It is also facing increasing resistance in Britain and France. Meanwhile, Binance native coin BNB has gained 3.3 percent in the past 12 hours. The coin, which has been battered since the SEC sued the firm earlier this week, is currently at $250.
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