Binance to launch local Bitcoin exchange in Kazakhstan

The cryptocurrency exchange Binance planned to launch a Kazakhstan branch by mid-2023, according to a report by РИА Новости citing the company’s regional director Vladimir Smerkis.

According to him, the exchange will be able to offer exchange and conversion services, fiat on- and off-ramping, custody of crypto assets, and exchange trading.

“The platform will offer registration for individuals and legal entities from any country. The range of exchange services and features will continue to expand,” Smerkis said.

He noted that thanks to the country’s Digital Assets Law and the special regime based on the МФЦА, Kazakhstan is the most attractive country in the former Soviet Union for crypto market regulation. Smerkis also pointed to progress on issuing local CBDC.

“Kazakhstan has become something of a pioneer among regulatory authorities worldwide in researching the DeFi industry and in facilitating how traditional finance and the crypto industry can be linked in the interests of end users,” he said.

In October 2022, Binance received a license in Kazakhstan to operate a digital asset platform and to engage in custodial activities at the AIFC.

Read ForkLog’s exclusive interview for more on the exchange’s activities in the country.