Binance has launched a local exchange in Kazakhstan
Date: 2023-06-22 Author: Karina Ziganova Categories: BLOCKCHAIN
Binance, the largest cryptocurrency exchange, has launched a local digital asset platform in Kazakhstan
Thanks to the presence of a local license, the exchange will be able to offer services for the exchange and conversion of cryptocurrencies, depositing and withdrawing fiat currencies, storing cryptocurrency assets and exchange crypto trading.
However, according to Zhaslan Madiev, General Manager of Binance Kazakhstan, by the end of the year it is planned to expand the product line for users of the local crypto exchange, as well as bring the number of available digital assets to at least 100
The local crypto exchange will operate on the basis of a license from the AIFC Financial Services Authority (AFSA) to manage a digital asset platform and provide custodial services at the Astana International Financial Centre, Binance representatives told BeInCrypto.
Thanks to the presence of a local license, the exchange will be able to offer services for the exchange and conversion of cryptocurrencies, depositing and withdrawing fiat currencies, storing cryptocurrency assets and exchange crypto trading.
How Binance Kazakhstan will work
At the initial stage, users will only be able to buy and sell cryptocurrencies using fiat with zero commission through Freedom Finance Bank, spot trading and conversion. Some products and services popular with crypto users may not be available due to local laws.
However, according to Zhaslan Madiev, General Manager of Binance Kazakhstan, by the end of the year it is planned to expand the product line for users of the local crypto exchange, as well as bring the number of available digital assets to at least 100
"At the initial stage, only MasterCard issued by Kazakh banks will be accepted for deposits and withdrawals. The limit on deposits in fiat currency through bank cards is 420,000 KZT (about $935) per transaction," the press release says.
Binance's global platform will continue to be available to residents of Kazakhstan. To switch to the local platform, you will need to re-register via email. Non-Kazakh users can also use Binance Kazakhstan.
"To use fiat channels, you must have a MasterCard bank card issued by a Kazakh bank and an assigned individual identification number (IIN)," Binance added.
Binance's expansion in Kazakhstan
Binance's active expansion in Kazakhstan began last year, when the crypto exchange received a license from the AIFC Committee, which allows it to provide crypto services in Kazakhstan. In addition, in 2022, the platform signed a memorandum of understanding with the Ministry of Digital Development, Innovation and Aerospace Industry of Kazakhstan.
Later, the founder and head of Binance, Changpeng Zhao, hinted that Kazakhstan could issue a digital version of the tenge based on the BNB Chain network. Presumably, for this purpose, representatives of the exchange met with the Deputy Chairman of the National Bank of Kazakhstan Berik Sholpankulov, as well as the Chairman of the Center for the Development of Payment and Financial Technologies of the country Binur Zhalenov. However, it is now unknown how far the local authorities have progressed in this matter.
