Binance, the largest crypto exchange platform in the world by trading volume, has launched a full fledged regulated brokerage outfit in Kazakhstan.
Binance in Kazakhstan: Dividends of Relationship With Authorities
As announced by Binance, the launch of its trading platform in Kazakhstan came following the receipt of the permanent license from the AIFC Financial Services Authority (AFSA) last year.
Binance Chief Executive Officer Changpeng ‘CZ’ Zhao led a visitation to the country’s President Kassym-Jomart Kemeluly Tokayev back in October last year. The visit saw the organization and the Kazakhstan government sign a Memorandum of Understanding (MoU) to help foster digital innovation in the country.
The newly launched exchange can be dubbed the dividends of the association and the exchange’s prospective users in the country can now trade crypto with government-issued certainty. The trading platform will be focused on exchange and conversion services, deposit and withdrawal of fiat, and custody of crypto assets. According to Binance, the suite of services will be expanded in the long term.
“Over the past year, regulators in Kazakhstan have taken significant steps towards the development of the cryptocurrency industry,” said Asset Turysov, Vice Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, “Binance has provided assistance to Kazakhstan in the development of a legislative framework and a general policy for the regulation of crypto assets, as well as in the implementation of various educational initiatives, including for government and law enforcement agencies and regulators.”
Besides Turysov, different industry leaders have hailed the newly launched trading platform as a reference point for more to come in the future.
Taking Complementary Win
Binance Exchange has seen more struggles this month than any other thus far this year. The exchange is currently embroiled in a regulatory drag by both the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Reports have it that the trading platform is under investigation on either side of the Atlantic based on the collaboration between regulators in each region. The exchange’s outfit in Kazakhstan can be tagged a major win at a time when it has had to close shop in both Cyprus and the United Kingdom.
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