The local arm operates on the basis of the Astana International Financial Center

​Binance launches a local crypto exchange in Kazakhstan

21.06.2023 - 13:15

262

4 min

What’s new? On June 21, crypto exchange Binance launched a local platform for trading digital assets in Kazakhstan, the local publication Kursiv reports. The arm operates on the basis of the Astana International Financial Center (AIFC). General Manager of Binance Kazakhstan Zhaslan Madiyev told that initially 21 cryptocurrencies are available on the exchange, and by the end of the year their number is planned to increase to one hundred. In addition, in the same period, the exchange intends to provide access to the branch to corporate clients.

Kursiv’s material

What else is known about the exchange? Among the advantages of Binance Kazakhstan over global exchanges, Madiyev mentioned an improved service for local clients, a cheaper fiat channel, verification (KYC) without providing documents, as well as crypto cards. At the same time, the head of the division found it difficult to answer the question of when Binance’s prepaid crypto card will appear in Kazakhstan, which the exchange has been negotiating with the Central Bank for several months.

Bybit receives pre-approval to work in Kazakhstan

Bybit receives pre-approval to work in Kazakhstan

After meeting a number of requirements, the exchange will be able to serve local users

Read further

Madiyev added that in the future it is planned to connect foreign clients and create a fiat channel in foreign currency. For now, fiat deposits and withdrawals are available only through Mastercard bank cards issued in Kazakhstan and transfers through a local bank, Freedom Finance.

The launch of the local arm of Binance in Kazakhstan became known in April. Then it was reported that the platform will be allowed to register both individuals and legal entities from any country.

Binance received a license to manage a crypto exchange and provide custodial services in the AIFC in October 2022. Crypto exchanges and advertising of digital currencies are banned in the country outside of the AIFC’s jurisdiction. The same month, the exchange began cooperating with Kazakh authorities on financial monitoring, and the company’s CEO Changpeng Zhao reported that the country’s Central Bank will integrate digital tenge with the BNB Chain from Binance.

Нападки на Binance, Coinbase и альткоины. Как SEC кошмарила рынок на этой неделе

Нападки на Binance, Coinbase и альткоины. Как SEC кошмарила рынок на этой неделе

Подробно рассказываем о последних действиях Комиссии по ценным бумагам и биржам США, которые оказали значительное влияние на крипторынок

Read further

In January of this year, Binance and Kazakhstan’s largest airline, Air Astana, entered into a partnership in which Nomad Club members can convert points accumulated from flights into cryptocurrency on the exchange.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy