New Binance Platform Offers Currency Exchange, Custody, and More

Binance introduced a dedicated digital asset platform in Kazakhstan on June 21, expanding its reach and solidifying its position in the crypto industry. This development follows Binance being granted a license by the AIFC Financial Services Authority (AFSA) last October.

With the license from AFSA, Binance now has the authorization to operate a digital asset platform and offer custodial services within the jurisdiction of the Astana International Financial Center (AIFC). The newly launched exchange in Kazakhstan is equipped to provide a wide range of services, including currency exchange and conversion, facilitation of fiat currency deposits and withdrawals, custody of cryptocurrency assets, and exchange trading. 

This milestone acquisition elevates Binance to the status of a regulated platform in Kazakhstan, demonstrating its commitment to compliance and security protocols. This strategic move aims to foster collaboration between the AIFC, cryptocurrency exchanges, and second-tier banks, with key stakeholders such as the National Bank of Kazakhstan, the Financial Monitoring Agency of the Republic of Kazakhstan, and the Agency for Regulation and Development of the Financial Market actively participating in the project.

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Government-Backed Initiative Drives Collaboration

According to Asset Turysov, Vice Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, the government has spearheaded a special initiative to enhance interactions between the AIFC, cryptocurrency exchanges, and second-tier banks. Binance has played a pivotal role in this endeavor, providing assistance in developing legislative frameworks, establishing regulatory policies for crypto assets, and conducting educational initiatives for government agencies and law enforcement.

However, amidst this triumphant expansion, Binance continues to face regulatory challenges in other jurisdictions. The company is currently embroiled in a lawsuit with the U.S. Securities and Exchange Commission (SEC) and is also facing legal scrutiny from the Commodity Futures Trading Commission (CFTC). 

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What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

Website | Twitter | Discord | Telegram |