Binance Kazakhstan

2023: Platform Launch

On June 21, 2023, Binance announced the launch of a local crypto exchange in Kazakhstan. The Binance Kazakhstan platform at the first stage will offer local users services for the exchange and conversion of currencies, the entry and withdrawal of fiat funds, as well as the storage of crypto assets.

Some products may be "unavailable or operating with restrictions due to the requirements of local regulators," the Binance press service said. At the same time, all operations on the global Binance platform will continue to be available to citizens and residents of Kazakhstan, the company said.

First, 21 types of cryptocurrency and tokens will be available at the local crypto exchange in Kazakhstan, by the end of 2023 it is planned to bring their number to one hundred, quotes the head of Binance Kazakhstan Zhaslan Madiev "Italic." Also, by the end of this year, the crypto exchange intends to provide access to the Kazakhstan site to corporate clients, further plans include connecting foreign clients and creating a fiat channel in foreign currency.

Users will have access to two channels for fiat transactions on the Binance Kazakhstan platform: entering and withdrawing funds using bank cards and using a bank transfer through Freedom Finance bank.

Only MasterCard cards issued by Kazakhstan banks are accepted for deposits and withdrawals by June 21, 2023. The limit on deposits in cryptocurrency through bank cards is 420 thousand tenge (approximately $937) per transaction. To use fiat channels, you will need an individual identification number (TIN) of the user. Moreover, persons who do not have Kazakhstan's citizenship will be able to use the platform.

Binance Kazakhstan operates on the basis of the permanent license of the Committee of the Astana International Financial Center for the Regulation of Financial Services (AFSA), which gives the platform the status of regulated.^[1]

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