Binance could move some regional operations to Kazakhstan. The company and the National Bank intend to develop a regional settlement hub for international payments, money transfers and transactions involving digital assets, DKNews.kz reports.
The National Bank of Kazakhstan announced the agreement on September 7. The regulator and Binance Investments Co. signed a memorandum of understanding outlining their intention to develop the project jointly.
Hub to serve Central Asia, the CIS and Eastern Europe
The planned infrastructure would serve Binance’s global customers across Central Asia, the Commonwealth of Independent States and Eastern Europe. Some regional operations would run through an entity under Kazakhstan’s jurisdiction.
For Kazakhstan, the practical opportunity is to provide financial services to overseas customers from within the country. The National Bank links the project to developing digital financial services exports and attracting international technological expertise.
The regulator expects a substantial share of Binance’s regional customers to be served through Kazakhstan. Its announcement does not specify customer numbers or projected transaction volumes.
Launch will require a National Bank licence
The project envisages establishing a Binance group entity and the necessary infrastructure in Kazakhstan. The entity would need a National Bank licence to operate as a Category 1 payment organization.
According to the regulator, legislative changes governing digital assets and the introduction of this new category of financial market participant have made the project possible.
The National Bank expects the framework to strengthen competition by allowing global companies to develop payment and financial services alongside those offered by banks. It identifies Binance as one of the first international companies to begin implementing a project under the new rules.
Binance’s announcement on its Kazakhstan agreements also describes a joint roadmap with the National Bank. It covers the phased development of payment infrastructure, licensing and the launch of new products.
Binur Zhalenov, Deputy Governor of the National Bank of Kazakhstan, emphasized the need to preserve financial stability as these services develop:
“We are interested in fostering innovation while maintaining the reliability of payment infrastructure and the stability of the financial system,” Zhalenov said.
Launch date and fees remain undisclosed
The memorandum was signed by Zhalenov and Kirill Khomyakov, head of regional development and operations at Binance’s global office. National Bank Governor Timur Suleimenov and Binance founder Changpeng Zhao attended the signing ceremony.
The agreement establishes the parties’ intention to develop the settlement hub. Creating the entity, preparing the infrastructure and obtaining a licence remain part of the implementation plan.
The implications for users will become clearer once service terms are published. The National Bank’s announcement does not specify a launch date, supported currencies, fees or transfer processing times. It is therefore too early to assess potential savings on international payments.
A few days earlier, we reported on Kazakhstan and Binance’s agreements concerning a stablecoin and digital-asset payments. The settlement hub would extend that cooperation to servicing international transactions through Kazakhstan’s jurisdiction.
