Kazakhstan Appoints The Former General Manager of Binance As The New Minister of Digital Development

Binance has managed to conquer Kazakhstan by not only successfully obtaining a full Digital Asset Trading Facility (DATF) license from the Astana Financial Services Authority (AFSA), but also pushing one of its executives to be the new Minister of Digital Development. This approval allows Binance to operate in Kazakhstan as a fully regulated trading platform, broker-dealer, and digital asset custodian.

Binance focuses on compliance

With this license, Kazakhstan becomes the first country in Central Asia where Binance has gained regulatory approval, positioning the nation as an emerging fintech hub. The achievement highlights Kazakhstan’s progressive stance toward financial technology and digital assets.

This development highlights Binance's focus on regulatory compliance. According to the company, it aims to promote safe and sustainable growth in the cryptocurrency industry, both in Argentina and worldwide.

Binance has implemented a compliance program that includes anti-money laundering and counter-financing of terrorism policies.

Announced on September 30, Binance emphasized that this regulatory approval followed a comprehensive review, including financial audits and ISO certifications. The review process also confirmed Binance’s adherence to strict standards, such as AIFC Digital Asset Activities and Anti-Money Laundering (AML) regulations.

General Manager of Binance elected as Minister of Digital Development

Kazakhstan also appointed Zhaslan Madiyev, who previously worked as the General Manager of Binance Kazakhstan's arm to be the new Minister of Digital Development.

This update was first announced by Binance CEO Richard Teng in a post on the social media platform X.

This has caused the crypto community to wonder what this would mean for Binance. Richard Teng said in his post,

"We have full confidence that Zhaslan's passion and expertise will drive forward important digital development initiatives in Kazakhstan."

Tapping on Kazakhstan's regulatory framework

Vishal Sacheendran, Binance’s Head of Regional Markets, expressed excitement about the approval, noting Kazakhstan’s “forward-thinking regulatory framework.” He stated that this development solidifies the nation’s role as a key hub for digital asset growth in Central Asia. "Securing the DATF license not only strengthens Binance Kazakhstan’s commitment to regulatory compliance but also helps foster innovation and digital asset adoption in the region," Sacheendran said.

Binance Kazakhstan further noted that obtaining the DATF license required rigorous external and internal audits, financial scrutiny, and compliance with all regulatory standards. This license is expected to propel the growth of the crypto ecosystem throughout Central Asia.