Cryptocurrency exchange Binance has launched a regulated digital asset platform in Kazakhstan as part of its global expansion efforts. In 2022, Binance obtained a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA), and the digital asset platform launch follows this achievement.

With the licence, Binance gained approval to operate a digital asset platform and provide custodial services within the jurisdiction of the Astana International Financial Center (AIFC). Binance also became a regulated platform within Kazakhstan, which is why its newly launched exchange is able to provide services such as the exchange and conversion of currencies, deposits and withdrawals in fiat currencies, custody of cryptocurrency assets, and exchange trading. Representatives from the Digital Development, Innovation, and Aerospace Industry of Kazakhstan talked about these recent developments and mentioned the significant steps taken by regulators in the country to support the development of the cryptocurrency industry.

They also mentioned Binance’s assistance 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. Even though Binance’s expansion efforts are successful in some parts of the world, the company had to pull back from certain markets. Specifically, the company recently exited from Cyprus and the Netherlands and is currently engaged in a legal battle with the US SEC.

Binance’s legal issues In June 2023, authorities in France have started an investigation focused on the anti-money laundering procedures of cryptocurrency exchange Binance. Binance confirmed an on-site visit from relevant authorities in France but also emphasised that they will fully cooperate with law enforcement agencies and regulators on all ongoing compliance requirements with the aim of upholding a high standard. Apart from its problems with French authorities, Binance also left the Netherlands after it failed to obtain a licence from the Dutch Central Bank.

According to theguardian.com, starting on 17 July 2023, Dutch residents will only be able to withdraw their assets from the platform and further trading or deposits will not be possible. As for its legal issues with the SEC, Binance engaged in talks with the Commission to avoid a complete asset freeze. The deal aims to protect billions of dollars in customer funds without shutting the exchange down while the SEC’s lawsuit proceeds.

The news was revealed during a hearing in Washington presided by US District Judge Amy Berman Jackson, who revealed that if a deal is struck, she would no longer need to rule on the SEC’s request for a temporary restraining order. .