The pressure may be on the world’s largest crypto exchange, but Binance continues to expand operations into friendly jurisdictions. Kazakhstan is the latest location for a new regulated Binance crypto exchange.
On June 21, Binance announced the launch of a regulated digital asset platform in Kazakhstan. Company CEO Changpeng Zhao noted that the exchange had support from local banks in the country.
Binance has been struggling with banking partners in other locations, including the United States, the United Kingdom, and Australia.
Binance Kazakhstan Gets Green Light
The company stated that the new exchange follows the granting of a permanent license by Kazakhstan’s AIFC Financial Services Authority (AFSA) last year.
Furthermore, the license allows Binance to manage a digital asset platform and provide custodial services. It hopes to have a hundred cryptocurrencies available for trading by the end of the year.
It noted that the new exchange would be authorized to offer exchange and conversion services, deposit and withdrawal of fiat currencies, custody of crypto assets, and exchange trading.
Vice Minister of Digital Development, Innovation, and Aerospace Industry of Kazakhstan, Asset Turysov, said the government is running a special initiative.
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This is to facilitate collaboration 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 taking part in the project.
Turysov added that regulators in Kazakhstan have taken “significant steps” toward the development of the digital asset industry. The country was once a Bitcoin mining mecca, but the state has curtailed operations recently.
“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.”
The move comes amid a massive crackdown on Binance from Western nations, which America is leading. Just last week, Binance exited from the Netherlands, and it is facing increasing resistance in the UK and France.
BNB Price Outlook
The Binance native coin, BNB, has gained 3.3% over the past 12 hours. The coin, which has been battered since the SEC sued the firm earlier this week, was trading at $253 at the time of writing.
BNB slumped 27% in the wake of the SEC enforcement action on June 5. However, it has been slowly clawing back some of those losses from its dip to $225.
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