Binance Expands Despite Regulatory Pressures

It’s no secret that Binance is facing a slew of regulatory and legal pressures in the West—particularly in America.

The world’s largest cryptocurrency exchange is facing lawsuits from the SEC, an investigation in France, and mounting pressure from within the European Union.

ProCoin News recently reported that Binance was forced to shutter its operations in the Netherlands due to this mounting pressure in the Western world.

Despite Binance’s continued legal troubles, the company is still expanding into new countries and markets—just not traditionally Western nations.

According to the latest press releases, Binance has launched an official trading platform in Kazakhstan. The exchange posted several announcements to Twitter on its presence in the country:

#Binance launches a regulated platform in Kazakhstan.

This local platform will be authorized to offer exchange and conversion services, deposit and withdrawal of fiat currencies, custody of crypto assets, and exchange trading.

— Binance (@binance) June 21, 2023

1500+ people #Binance meetup in Kazakhstan🇰🇿 now. pic.twitter.com/sEjpE6KrCQ

— CZ 🔶 Binance (@cz_binance) June 21, 2023

We recently headed to Kazakhstan to co-host the world's largest multi-location Web3 hackathon!

This was in association with Astana Hub International Technopark, with over 1500 people joining to demonstrate their developer skills. pic.twitter.com/2F4oGwkEIf

— Binance (@binance) June 7, 2023

Coin Telegraph had more details:

The banking services will be offered by Kazakhstan’s Freedom Finance Bank bank which would allow the new digital asset exchange users to transfer fiat funds to their accounts on the platform. There are two fiat channels available to deposit and withdrawals at present namely bank cards and bank transfers via Freedom Finance Bank.

CryptoSlate writes:

“Kazakhstan works with five regulatory bodies, aiming to expand its product line and have over 100 digital assets approved on the platform. Cooperation with authorities helps pave the way for success. Kazakhstan’s Vice Minister of Digital Development, Innovation, and Aerospace Industry, Asset Turysov, lauds the unique initiative involving agencies, exchanges, and banks, stating it has shown “excellent results.”

4/ 🏆 Kazakhstan's Vice Minister of Digital Development, Innovation, and Aerospace Industry, Asset Turysov, lauds the unique initiative involving agencies, exchanges, and banks, stating it has shown "excellent results." #cryptoinnovation #Kazakhstan

— CryptoSlate (@CryptoSlate) June 21, 2023

Crypto Potato adds:

The exchange will also continue to engage with local regulators to actively advance the adoption of crypto in the country, as well as to develop a robust regulatory framework for digital assets.

It’s worth noting that Binance obtained its license in Kazakhstan back in October 2022.

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