Binance, the largest crypto exchange by trading volume, recently launched a regulated digital asset platform in Kazakhstan. Through the new platform, the company will offer various financial services for crypto and fiat currencies to users in the Central Asian country, including exchange, conversion, deposit, withdrawal, and custody. Binance received an in-principle approval in Kazakhstan in August last year. - The company then obtained a permanent license to legally operate as a digital asset service provider in the country in October 2022.
- Kazakhstan's Freedom Finance Bank will allow users to transfer their funds in fiat currencies to their accounts on the new platform.
- In addition to the bank transfer, users will also deposit and withdraw their funds through bank cards.
The move came amid increased scrutiny from the regulators in the West against Binance. - In the U.S., the exchange is currently under scrutiny by the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Internal Revenue Service (IRS), and federal prosecutors, mainly due to compliance issues.
- A recent report also pointed out that the firm started being investigated in France on allegations of illegally canvassing customers and severe money laundering.
- Besides, the company has recently withdrawn from several markets in the West, including Canada, Cyprus, the Netherlands, and the U.K.
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