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New Kazakh Platform Underscores Binance’s Push EastwardsGlobal cryptocurrency exchange Binance is making a significant move towards the East in response to mounting regulatory challenges in Western markets. The exchange has recently launched a regulated digital asset platform in Kazakhstan, marking a milestone in its expansion strategy.The announcement was made during a press conference held on June 20, attended by distinguished guests including representatives from Kazakhstan’s banking sector and Binance Kazakhstan’s leadership. The company followed up with a blog post detailing the development, published to its website on Wednesday.This milestone achievement follows Binance’s preliminary approval for operations in Kazakhstan received last August. By October, the Astana Financial Services Authority (AIFC) granted the exchange a permanent license to establish a digital asset platform and provide custodial services at the Astana International Financial Center.Photo by Engin Akyurt on PexelsBespoke platformThe newly established Binance platform in Kazakhstan aims to cater specifically to the needs of Kazakhstani users. It offers a comprehensive suite of services encompassing cryptocurrency exchange, conversion, fiat currency deposits and withdrawals, as well as custody of crypto assets.These financial services will be facilitated through a partnership with Freedom Finance Bank, Kazakhstan’s banking partner for Binance. Users of the platform will be able to transfer fiat funds to their accounts, with deposits and withdrawals currently supported through bank transfers or bank cards via Freedom Finance Bank.Adverse Western market conditionsBinance’s expansion into Kazakhstan comes at a time when the exchange is grappling with legal challenges in the United States and several European countries. In the US, Binance is currently embroiled in a lawsuit with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).Last month, Binance announced its withdrawal from the Canadian market, citing regulatory changes which the company described as “untenable.” Meanwhile, in Europe, the company has faced regulatory pushback, including an investigation into alleged “aggravated money laundering” in France and its exit from the Dutch market due to the absence of a virtual asset service provider license.Binance’s withdrawal from European markets has been attributed to its efforts to comply with the European Union’s approved Markets in Crypto Assets (MiCA) regulations, although there are reports indicating collaboration between European regulators and the SEC in their investigations into Binance.Eastern expansionWhile Binance has been facing ongoing setbacks in Western markets, it continues to expand eastwards. Late last month, the firm announced plans to establish a dedicated platform in Japan. Around the same time, it secured a trading license through its Thai joint venture company.Binance is not the only major crypto firm making a strategic shift towards Asia. Other global cryptocurrency exchanges such as Gemini and Coinbase, have also expressed their intention to strengthen their presence in the Asia Pacific region. This trend highlights a broader pattern of the crypto exchange landscape gradually shifting towards the East, reflecting a reconfiguration of the global market.As Binance expands its regulated operations in Kazakhstan, it aims to navigate the complex regulatory environment and continue providing secure and compliant services to users in a key market. The move not only positions Binance strategically but also underscores the evolving dynamics that may well be playing into a regional shift in leadership where the development of digital assets is concerned.

Korean crypto exchange Upbit adds one-second interval chartsSouth Korea’s largest cryptocurrency exchange, Upbit, now offers one-second interval charts for its users.Dunamu, the blockchain and fintech company behind Upbit, announced on Friday (local time) that it has introduced a one-second interval feature to Upbit’s “original” charts. This makes Upbit the first Korean cryptocurrency exchange to offer this functionality.Photo by m. on UnsplashResponding to user demandUpbit has rolled out this one-second interval feature in response to user demand. This addition facilitates a broader range of investment strategies, allowing Upbit users to fine-tune their decisions based on their investment preferences. Now, the time frames available on Upbit are 1 second, 1 minute, 3 minutes, 5 minutes, 10 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day, 1 week and 1 month.A representative from Upbit said that they have incorporated the one-second interval feature into their original charts to provide users with quick and easy access to virtual asset price information for their investments. The official added that the company will remain committed to fostering a user-friendly and comfortable trading environment.Available on both web and mobileUsers can access the one-second interval feature on both the web and app versions of Upbit. To utilize this feature, they can select the “1s” time frame on the original charts found under the “Exchange” tab of Upbit.

Japan’s Premier Says the Country is Committed to Fostering Web3Japanese Prime Minister Fumio Kishida, in a keynote address at the WebX conference in Tokyo, emphasized Japan’s commitment to fostering the Web3 industry and its potential to revolutionize the internet and catalyze societal change.During his address, Kishida underscored the transformative impact of Web3, envisioning it as a catalyst for innovation across various industries. He expressed his hope for the Web3 sector to regain attention and vitality, fostering the birth of numerous novel projects.EOS Foundation CEO Yves La Rose, present at the conference, noted the Prime Minister’s encouraging words and highlighted the welcoming attitude Japan is cultivating towards Web3 in the Asian region.Photo by Bastian Riccardi on UnsplashRegulatory progressKishida went on to describe Web3 as part of “the new form of capitalism,” recognizing its potential to drive economic growth while addressing social issues. Koichi Hagiuda, Japan’s Liberal Democratic Party’s Policy Research Council chairman, added that the country is diligently working to establish a robust regulatory framework to safeguard investors, providing a foundation for further Web3 policies.Japan has proven to be ahead of the curve already on workable regulation when it comes to digital assets by comparison with most of its international peers. Last month, the local regulator, the Financial Services Authority (FSA), announced that it was participating in Singapore’s “Project Guardian,” an initiative by the Singaporean regulator to explore the potential of digital assets.The country has found itself with a more progressive regulatory policy in place as a direct response to the collapse of the Mt.Gox crypto exchange in 2014. For that reason, FTX Japan had to safeguard client funds and is in a position to look towards restarting the business.Hagiuda also pointed to the significance of initiatives like “Start Next Innovator,” a project by Japan’s Economy, Trade and Industry Ministry that aims to send 1,000 entrepreneurs and students to Silicon Valley over five years to foster Web3 startups.Japanese launch imminent for BinanceThe event, which was initially reported on by local media on Tuesday, coincided with a significant announcement from Binance CEO Changpeng Zhao, revealing the imminent launch of the cryptocurrency exchange’s services on a new Japanese platform in August 2023.Binance, in its bid to enter the Japanese market, confirmed its plan to offer cryptocurrency services to Japanese users starting in August. The exchange had acquired the local platform Sakura Exchange Bitcoin (SEBC) in November 2022, which paved the way for its reentry into the country.Binance’s CEO, Changpeng Zhao (CZ), virtually addressed the WebX conference, praising Japan’s innovative approach to the Web3 sector and recognizing it as a leading country in terms of Web3 regulatory environment. He fondly recalled his own experiences living in Japan during the early stages of his career as a developer, emphasizing the clarity of Japan’s regulatory boundaries towards cryptocurrencies and stablecoins since 2017.The Web3 industry in Japan witnessed a flurry of headlines in June 2023, with the national tax agency revising legislation to exempt token issuers from paying corporate taxes on unrealized cryptocurrency gains.Prime Minister Kishida’s affirmation of Japan’s commitment to Web3 and Binance’s planned launch in the country reflect the growing interest and enthusiasm surrounding the Web3 sector in the Asian nation.