Binance has recently unveiled plans for a new cryptocurrency exchange tailored specifically for the local market in Kazakhstan. The announcement took place during a press event attended by government officials from Kazakhstan, key figures from Binance Kazakhstan, and representatives from the banking sector in the country.

This forthcoming digital assets platform will provide a range of services to users in Kazakhstan, including the ability to deposit and withdraw both fiat and cryptocurrencies, secure storage of digital assets, as well as seamless exchange and conversion functionalities. By collaborating with Bank Freedom Finance Kazakhstan JSC, banking services will be made available to facilitate fiat transfers from users’ Binance accounts within the country.

Currently, there are two primary channels through which investors can conveniently carry out deposits and withdrawals via the bank: bank transfers and bank cards.

Zhaslan Madiyev, the General Manager of Finance Kazakhstan, expressed his gratitude to the Kazakhstan government for fostering a favourable environment for the cryptocurrency industry in the country. In a statement, he revealed ambitious plans to significantly expand the range of offerings for users of the local cryptocurrency exchange. By the end of 2023, the goal is to have a portfolio of no less than 100 approved digital assets available on the platform.

This recent milestone follows Binance’s attainment of a permanent licence from the Astana Financial Services Authority (AFSA) in October 2022. The licence allows Binance to operate as a crypto firm and provide custody services at the Astana International Financial Center (AIFC). This achievement followed an in-principle approval granted in August 2022.

Binance has established a collaborative relationship with the Kazakhstan government, actively endorsing the country’s proposed digital currency initiative. Alongside Binance, Bybit has also expressed its interest in operating within this Central Asian nation.

It is worth noting that Binance’s expansion into Kazakhstan is occurring concurrently with the company facing legal challenges from regulatory authorities in the United States. Additionally, Binance has been discontinuing its services in markets that are deemed unfavourable. The company is currently facing investigations by French authorities over allegations of money laundering.