Binance recently announced the launch of its regulated digital asset platform in Kazakhstan. The renowned exchange earned its license from the AIFC Financial Services Authority back in 2022.
With the license, Binance has earned the right to offer its custodial and trading services in the region. Running a regulated platform in Kazakhstan is a testament to Binance’s security and compliance controls.
Binance announced its platform a few weeks ago, on June 20. Several government officials, Binance’s Kazakhstan leadership, and representatives from Kazakhstan’s baking domain were present at the press event.
The platform by Binance allows Kazakhstani users to access conversion and exchange services. At the same time, they can now access the withdrawal, deposit, and custodial services of Binance for fiat and crypto assets.
Even after the announcement, Binance has no plans of stopping its progress in Kazakhstan. The world’s biggest blockchain ecosystem and crypto framework provider is working with officials to bring out new products in the region.
Seeing how closely banking institutions and government officials have been working with Binance, local traders were highly intrigued by the development. That is why most of them searched for a Binance review to comprehend its services and upcoming plans in the region.
Asset Turysov, Kazakhstan’s Vice Minister of Digital Development, Innovation, and Aerospace Industry, also praised the development. The official stated how it is a special initiative to foster interaction between 2nd-tier banks, crypto exchanges, and AIFC.
Players like the Agency of Regulation and Development of Finance, The National Bank of Kazakhstan, and the Financial Monitoring Agency of Kazakhstan are also involved in the project, added the official.
Given the collaboration between such parties, Binance is sure to find the right path in the region. Thus, the upcoming years will be crucial for the exchange to expand its reach and market control in Kazakhstan.