Binance Is Now Launching A Local Platform In Kazakhstan Ahead Of Europe’s Difficulties
- Binance has launched a local crypto exchange in Kazakhstan based on the Astana International Financial Center.
- At the time of launch, users can buy and sell cryptocurrencies using a fiat balance, spot trading, and conversion.
- This can be considered a small victory when the exchange is facing many challenges in the US and Europe.
According to an announcement, Binance, the world’s biggest crypto exchange, opened a local digital asset platform for trading cryptocurrencies based on the Astana International Financial Center (AIFC) on June 21.
Binance’s AIFC license permits it to provide cryptocurrency exchange and conversion services, fiat deposits and withdrawals, crypto asset storage, and cryptocurrency exchange trading. Users may buy and sell cryptocurrencies using a fiat balance, spot trading, and conversion when the local platform’s introduced.
For fiat deposits and withdrawals, two methods are used: bank cards (at the moment, the local platform only accepts MasterCard cards issued by Kazakh banks) or a bank transfer without commission through Freedom Finance Bank.
Initially, 21 cryptocurrencies and tokens will be offered on Kazakhstan’s local crypto market. It is expected to raise its number to one hundred by the end of 2023, according to Zhaslan Madiyev, the CEO of Binance Kazakhstan. Moreover, by the end of this year, the crypto-exchange wants to give business customers access to the Kazakhstan site. Madiev also mentioned aspirations to link global customers and establish a fiat channel in foreign currencies.
According to him, the benefits of a local crypto exchange in Kazakhstan over global platforms include improved service for local clients, a lower-cost fiat channel, documents KYC (client verification procedure as part of the fight against money laundering), and card products that Binance will introduce on the local platform.
Meanwhile, the director of the Kazakhstani division struggled to answer Kursiv’s query on when the Binance prepaid crypto card would be available in Kazakhstan, which the crypto exchange has been discussing with the National Bank for many months.
This can be considered a small success for Binance when the exchange is facing a disadvantage in Europe and difficulties related to legal issues in the US.
Binance was granted permission to operate in Kazakhstan in September 2022. In addition to Binance, Bybit, which intends to reach the CIS markets through Kazakhstan, said that the AIFC had secured a basic license to operate in the nation (precedes the issuance of a license).
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu