Major cryptocurrency exchange Binance continues to expand its services globally with the latest launch of a new digital asset platform in Kazakhstan.

New Cryptocurrency Exchange for Kazakhstan Users

Binance announced the release of a local crypto exchange at a press event attended by Kazakhstan government officials, the leadership of Binance Kazakhstan, and representatives of the country’s banking industry. The digital asset platform will offer Kazakhstan users services such as deposit and withdrawal of fiat, cryptocurrency custody, exchange, and transfer. Bank Freedom Finance Kazakhstan JSC will provide banking services that allow users in the state to transfer securities to their accounts on Binance.

At the moment, there are two channels available for investors to bear out deposits and withdrawals via bank transfers and bank cards.

The general manager of Binance Kazakhstan, Zaslan Madiev, thanked the Kazakhstan government for encouraging a development environment of the crypto industry in the country. He also said that there are plans to greatly expand the product line for users of the local cryptocurrency exchange, with at least 100 digital assets available on the platform by the end of 2023.

The latest development comes after Binance obtained a perpetual license in October 2022 from the Astana Financial Services Authority of Kazakhstan (AFSA) to operate a crypto company and provide custody services in the Astana International Financial Center (AIFC), after receiving in-principle approval in August 2022.

Binance, in cooperation with the Kazakhstan government, presented its support for the country’s suggestion of a digital currency project. Apart from Binance, Bybit is also looking forward to working in the Central Asian country.

Meanwhile, Binance’s expansion into Kazakhstan comes at a time when the cryptocurrency exchange is battling lawsuits from US regulators and withdrawing its services from unfavorable markets. The company also said it is facing investigations from French authorities for alleged money laundering.