Connect with us


Binance’s Eastward Pivot: New Crypto Platform Launched in Kazakhstan



Spread the love

In response to rising regulatory challenges in Western markets, Binance, the world’s foremost cryptocurrency exchange, has taken a decisive step Eastward. Marking a significant milestone in its expansion strategy, Binance has inaugurated a regulated digital asset platform in Kazakhstan.

The announcement was made at a press conference held on June 20, 2023. The event was graced by an assembly of distinguished guests, including representatives from Kazakhstan’s banking sector and the leadership of Binance Kazakhstan.

This move follows Binance’s receipt of preliminary approval for operations in Kazakhstan last August. By October, the AIFC Financial Services Authority had granted the exchange a permanent license to establish a digital asset platform and offer custodial services at the Astana International Financial Center (AIFC).

Binance’s newest platform is designed to cater to the specific needs of Kazakhstani users. It promises a comprehensive suite of crypto and fiat services, ranging from exchange and conversion to the deposit and withdrawal of fiat currency and the custody of crypto assets.

These financial services will be facilitated by Freedom Finance Bank, Kazakhstan’s banking partner for Binance. The collaboration will enable users of the new digital asset exchange to transfer fiat funds to their platform accounts. Currently, deposits and withdrawals can be made through bank transfers or bank cards via Freedom Finance Bank.

This Eastern pivot comes at a time when Binance is grappling with legal difficulties in the United States and several European nations. The exchange is currently entangled in a lawsuit with the U.S. Securities and Exchange Commission (SEC), as well as the Commodity Futures Trading Commission (CFTC).

Binance’s woes extend beyond American shores. The company has also faced regulatory pushback from various European nations. Reports have surfaced of an investigation into alleged “aggravated money laundering” in France, and Binance has been forced to exit the Dutch market after failing to secure a virtual asset service provider license.

The company’s withdrawal from several European markets has been framed as part of its endeavour to comply with the European Union-approved Markets in Crypto Assets (MiCA) regulations. However, there are reports that European regulators and the SEC are working in tandem on the Binance investigation.

Binance isn’t alone in its strategic shift towards Asia. Gemini, another global crypto exchange, has publicly announced its intention to strengthen its presence in the Asia Pacific region. As the hub of crypto activity gradually shifts to the East, it’s clear that Binance’s move is part of a broader pattern, reflecting a reconfiguration of the global crypto exchange landscape.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. and does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Bitcoin Navigates Challenges, Yet 2024 Holds Promise



Spread the love

Recognized as the pioneering standard of digital currencies, Bitcoin is grappling with considerable obstacles. The cryptocurrency behemoth faced a tough stretch in the third quarter of 2023, with anticipated setbacks of close to 15%. This downturn resembles its trajectory from the end of 2022, representing two notable troughs within a year’s span. As of late September, Bitcoin’s market valuation is hovering around $513 billion, with its exchange rate settling just above $26,000, marking a noteworthy 17% drop from its zenith in summer 2023.

A combination of dynamics is steering this volatile phase. The overarching economic climate is putting pressure on Bitcoin. A noticeable uptick in US bond interest and an invigorated US dollar, ignited by discussions that the US Federal Reserve could sustain heightened interest rates longer than foreseen, are key factors. Despite the economic tribulations, the US’s financial landscape has showcased unexpected tenacity, exhibiting positive economic expansion and labor market indicators. This upbeat data has prompted market players to adjust their perspectives, becoming less wary of an impending US economic downturn.

Recent revelations from the Federal Reserve further compound Bitcoin’s trials. Alluding to potential rate hikes within the year, the institution also signalled a reduction in rate reductions for 2024 than formerly anticipated. This fiscal strategy spells challenges for Bitcoin. Escalating bond interests, commonly regarded as safe financial bets, undermine the attractiveness of volatile assets like Bitcoin. Moreover, a fortified dollar elevates the pricing of dollar-based Bitcoin for overseas traders.

Growing interest from established financial institutions towards Bitcoin brings additional intricacies. As traditional entities express greater interest and with the potential greenlight for Bitcoin-focused ETFs on the horizon, Bitcoin’s susceptibility to macroeconomic shifts is set to amplify. Decisions by leading global banks to decrease rates could be the catalyst for impending Bitcoin market surges.

Nevertheless, Bitcoin aficionados have reasons for optimism. The year 2024 might herald a rejuvenated phase for Bitcoin, predominantly steered by the eagerly awaited halving occurrence planned for April. Historically, such halving events – junctures where Bitcoin issuance is slashed by half – have been powerful triggers, elevating Bitcoin to unmatched levels. If this event coincides with lenient monetary policies, US ETF endorsements, and clarified regulations, 2024 might usher in a pronounced Bitcoin market resurgence.

Still, the path ahead is riddled with uncertainty. Short-term projections for Bitcoin are anything but stable. Insights from The Block suggest a guarded stance among Bitcoin option traders, with anticipations leaning towards a declining valuation. This trend is evident as traders are leaning more towards options that provide returns if Bitcoin’s valuation dips in the forthcoming month. Additionally, current technical patterns raise eyebrows. Bitcoin’s path seems to be veering off a critical pattern, potentially diving towards the $20,000 mark.

For visionary investors, this potential dip might present a golden opportunity for accumulation, in anticipation of a 2024 market surge. Yet, in the foreseeable horizon, Bitcoin must steer through tumultuous seas. The crypto’s inherent robustness, flexibility, and market intricacies will be tested, determining if Bitcoin can not only endure this phase but resurface more potent, reaffirming its standing in the ever-shifting crypto domain.

Continue Reading
Bitcoin2 days ago

Bitcoin Navigates Challenges, Yet 2024 Holds Promise

Crypto6 days ago

Terra Luna Classic’s Evolving Journey: Aiming to Anchor USTC at $1

Crypto1 week ago

Islamic Coin’s Journey to Integrate Digital Money with Moral Standards

Bitcoin1 week ago

Crypto Enthusiasts Anticipate Upcoming Positive Shift, Focusing on Bitcoin and FOMC

Bitcoin2 weeks ago

Bitcoin’s Rhythmic Movements: Deciphering the Leading Digital Currency in the Midst of Economic Shifts

Crypto2 weeks ago

Shifting Tides: India’s Journey Towards Universal Digital Currency Regulatory Measures

Featured2 weeks ago

Panerai’s Digital Transformation: The Advent of the NFT Digital ID

Crypto2 weeks ago

Crypto and the SEC: Navigating New Waters

DeFi2 weeks ago

Polygon Labs asks senators to consider apple orchard as they tax crypto

DeFi2 weeks ago

Coinbase Cloud integrates Kiln platform for native ETH staking below 32 ETH

DeFi2 weeks ago

Squid unveils direct swaps across Cosmos and EVM blockchains

DeFi1 month ago

DeFi Value Locked Reaches $42 Billion – A Comprehensive Analysis of the Latest Trends in Decentralized Finance

Featured1 month ago

A Conversation with BRN Metaverse: An Insight into Their Ecosystem, NFTs, and AI Integration

Bitcoin2 months ago

Interview with Berkan from Crypto Carbon Energy

Crypto2 months ago

X Marks the Spot: Elon Musk’s Rebranded Twitter Unveils Global Ads Revenue Sharing Program for Creators

Crypto2 months ago

Web3 Neobank ‘hi’ and Animoca Brands: Accelerating Crypto Integration and Shaping Future Finance

Crypto2 months ago

Ripple’s Momentous Victory: XRP Ruled Not a Security, Yet Legal Battle Continues

Luna Classic2 months ago

Terra Luna Classic’s Proposal to Burn 800 Million Tokens

Bitcoin2 months ago

Global Crypto Community Convenes at Dubai’s Blockchain Economy Summit

CBDC2 months ago

Digital Diplomacy: Russia and China Explore Synchronisation of CBDCs for Cross-Border Transactions

Crypto2 months ago

Worldcoin Foundation: A Global Cryptocurrency Venture Amid Regulatory Challenges

NFTs2 months ago

Mastercard’s Web3 Artist Accelerator: A New Era of AI-Driven Music and NFTs

DeFi2 months ago

Unibot Leads the Charge: The Revolutionary Impact of Telegram Bot Tokens on Crypto Trading

Learning2 months ago

Unravelling the Impact of Tokenization on Real Estate and Intellectual Property

The Flash Web3
Ethereum2 months ago

Cinema Meets Blockchain: ‘The Flash’ Launches Web3 Experience