#Kazakhstan blocks 3,500 cryptocurrency exchanges#
Hot Topic Overview
Overview
Kazakhstan's financial 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 with the National Security Committee and the Ministry of Culture and Information. Previously, Kazakh authorities had blocked access to Coinbase in 2023 on suspicion of violating digital asset laws. In 2024, authorities liquidated 36 illegal cryptocurrency exchanges with a total turnover of 6 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 illegally operating cryptocurrency exchanges, the result of a joint operation by the National Security Committee and the Ministry of Culture and Information. Previously, Kazakhstan's regulator AFM RK had blocked access to Coinbase in 2023 for 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. Additionally, 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 cryptocurrency trading regulation, 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.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The Kazakh government is strengthening its regulation of cryptocurrency transactions and cracking down on its use for criminal activities.
Kazakh authorities have blocked over 3,500 illegally operating cryptocurrency exchanges and liquidated 36 illegal cryptocurrency exchanges with a total transaction volume of 60 billion Kazakh tenge (about $113 million).
Kazakh authorities are working with international partners to strengthen the regulation of cryptocurrency transactions and are developing legal amendments to hold digital asset providers accountable for money laundering.
Kazakh authorities are strengthening the regulation of cryptocurrency transactions to prevent money laundering and financial crime.