Binance’s European Banking Partners to Disconnect

Previously, the world’s largest crypto exchange, Binance announced the launch of a cryptocurrency exchange in Kazakhstan.

Binance will offer users in Central Asian countries exchange and conversion services, fiat money deposits and withdrawals, and crypto asset storage.

Reporting from Bitcoin.com, Friday (23/6/2023), Binance was licensed to operate in Kazakhstan in October 2022. The authorization, granted by the Astana Financial Services Authority (AFSA), allows it to run a digital asset platform and provide custodial services at Astana International. Financial Center (AIFC), the central state financial center.

Binance’s move comes as the company is under increasing regulatory scrutiny in the US. Binance is currently battling the law with the US Securities and Exchange Commission (SEC) which has accused it of selling assets that authorities consider to be unregistered securities and mishandling customer funds.

The crackdown has resulted in a significant drop in the US market share of the Binance platform. This month, Binance also announced its exit from the Dutch market due to being unable to obtain registration as a virtual asset service provider in the Netherlands.

His company in Cyprus applied to be delisted from the country’s list of crypto service providers and Binance’s UK subsidiary canceled its UK regulatory authorization. The exchange said it wanted to focus on fewer European regulated entities.

The permanent license gives Binance the status of a regulated entity in Kazakhstan. Crypto companies have assisted local authorities in the development of the legal framework for this sector.

Binance customers in Kazakhstan will be able to use the services of a domestic bank, Freedom Finance Bank, enabling them to transfer fiat funds to their accounts on the new platform via two bank card payment channels and regular bank transfers.