#Kazakhstan blocks 3,500 cryptocurrency exchanges#
Hot Topic Overview
Overview
The Kazakh regulator AFM RK has announced that it has blocked over 3,500 illegally operating cryptocurrency exchanges, a move that came as a result of a joint operation by the National Security Committee and the Ministry of Culture and Information. Previously, Kazakh authorities had also blocked access to Coinbase, citing alleged violations of digital asset laws. In 2024, authorities liquidated 36 illegal cryptocurrency exchanges with a total turnover of 60 billion Kazakh tenge (about $113 million) and froze assets worth 4.8 million USDT. In addition, authorities uncovered two cryptocurrency pyramid schemes, returning 545,000 USDT to victims and freezing 120,000 USDT held by the platforms. The AFM said it is working with international partners to strengthen regulation of cryptocurrency trading, combat its use for criminal activities, and develop legal amendments to hold digital asset providers accountable for money laundering. Checks on cryptocurrency transactions by financial institutions have also been strengthened.
Ace Hot Topic Analysis
Analysis
Kazakh authorities have blocked over 3,500 "illegal" cryptocurrency exchanges, the result of a joint operation by the National Security Committee and the Ministry of Culture and Information. The move is the latest in Kazakhstan's efforts to tighten regulations on cryptocurrency trading and combat the use of cryptocurrencies for criminal activities. Previously, Kazakh authorities blocked access to Coinbase in 2023 for alleged violations of digital asset laws and liquidated 36 illegal cryptocurrency exchanges in 2024, with a total transaction volume of 60 billion Kazakh tenge (about $113 million) and froze assets worth 4.8 million USDT. Additionally, authorities uncovered two cryptocurrency pyramid schemes, returning 545,000 USDT to victims and freezing 120,000 USDT held by the platforms. Kazakhstan's financial regulator, AFM, said it is working with international partners to strengthen cryptocurrency trading regulations and is drafting legal amendments to hold digital asset providers accountable for money laundering. Financial institutions are also being subjected to increased scrutiny of cryptocurrency transactions.
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Public Sentiment
Discussion Word Cloud
Classic Views
Kazakhstan government strengthens regulation of cryptocurrency transactions, cracking down on illegal trading activities.
Kazakh authorities have blocked over 3,500 illegally operating cryptocurrency exchanges, liquidated 36 illegal crypto exchanges, and frozen assets worth 4.8 million USDT.
The Kazakh government is working with international partners to strengthen regulation of cryptocurrency transactions and is drafting legal amendments to hold digital asset providers accountable for money laundering.
The Kazakh government is strengthening checks on cryptocurrency transactions to prevent them from being used for criminal activities.