The pressure may be on the world’s largest cryptocurrency exchange, but Binance continues to expand its operations into friendly jurisdictions. Kazakhstan is the latest Binance-regulated cryptocurrency exchange.
On June 21, Binance announced the launch of a regulated digital asset platform in Kazakhstan. The company’s CEO, Changpeng Zhao, noted that the exchange had the support of the country’s local banks.
Binance is struggling with banking partners in other locations, including the US, UK and Australia.
Binance Kazakhstan gets the green light
company advertiser The new exchange follows the granting of a permanent license by Kazakhstan’s AIFC Financial Services Authority (AFSA) last year.
Moreover, the license allows Binance to manage the digital asset platform and provide custodial services. It hopes to have hundreds of cryptocurrencies available for trading by the end of the year.
He indicated that the new exchange will be allowed to provide exchange and transfer services, deposit and withdrawal of fiat currencies, custody of crypto assets, and exchange trading.
Kazakhstan’s Deputy Minister of Digital Development, Innovation and Aviation Industry Asset Turysov said the government is running a private initiative.
This is to facilitate cooperation between the Astana International Financial Center (AIFC), cryptocurrency exchanges, and second-tier banks. The National Bank of Kazakhstan and the country’s financial regulators are also involved in the project.
Torresov added that regulators in Kazakhstan have taken “important steps” towards developing the digital asset industry. The country was once a Bitcoin mining town, but the country has recently scaled back its operations.
“Binance has provided assistance to Kazakhstan in developing a legislative framework and policy for regulating crypto assets, as well as in implementing various educational initiatives, including government, law enforcement agencies, and regulators.”
The move comes amid a massive crackdown on Binance from Western countries, which is being led by America. Just last week, Binance exited the Netherlands, and is facing increasing resistance in the UK and France.
BNB price forecast
Binance’s native coin, BNB, has gained 3.3% over the past 12 hours. The coin, which has taken a beating since the SEC sued the company earlier this week, was trading at $253 at the time of writing.
BNB stock fell 27% in the wake of the enforcement action issued by the SEC on June 5. However, it has slowly recovered some of those losses from its drop to $225.
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