After departure from several jurisdictions, Binance spreads its wings to Kazakhstan.
In response to the escalating regulatory challenges in the West, a global frontrunner in the cryptocurrency exchange market Binance has introduced a fully regulated digital asset platform in Kazakhstan.
The launch of the new platform was unveiled on June 20th during a press conference attended by the leaders of Binance Kazakhstan and representatives from the nation’s banking industry.
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The crypto exchange was initially granted provisional approval to commence operations in Kazakhstan in August. By October, Binance had secured AIFC Financial Services Authority’s permanent license.
Kazakhstani users of this newly established platform can look forward to an array of services that cater to the needs of both fiat and crypto users. These include the crypto exchange and conversion of assets, deposits, and withdrawals in fiat and the custody of digital assets.
Freedom Finance Bank, a local institution, will provide the necessary banking services. This will enable users of the new digital asset exchange to transfer fiat funds to their platform accounts. Upon the launch, two fiat channels are available for depositing and withdrawing: via bank cards and bank transfers through Freedom Finance Bank.
This strategic move by Binance unfolds amid a mounting wave of regulatory difficulties in the United States and several European nations. Binance is currently entangled in lawsuits from the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
In addition to its US woes, Binance faces backlash from regulators in various European countries. One such issue includes an ongoing investigation in France that commenced in early 2022 regarding “aggravated money laundering” allegations.
After failing to obtain a virtual asset service provider license from Dutch regulators, Binance had to withdraw its services from the Netherlands. It also initiated processes to scale down its operations in the United Kingdom and Cyprus.
Binance’s latest move signifies a strategic shift for global crypto exchanges, emphasizing the importance of adaptation and flexibility in the face of regulatory changes across different regions.