#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 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 6 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 regulation of cryptocurrency transactions, combat their 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 recently taken strict measures to crack down on illegal cryptocurrency trading, blocking over 3,500 "illegal" crypto exchanges. The move is the result of a joint effort by the National Security Committee and the Ministry of Culture and Information. Previously, Kazakhstan 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 transaction volume of 60 billion Kazakh tenge (approximately $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. Kazakh regulators have stated that they are working with international partners to strengthen cryptocurrency trading regulations, combat its use in criminal activities, and develop legal amendments to hold digital asset providers accountable for money laundering. Financial institutions are also increasing scrutiny of cryptocurrency transactions.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Kazakhstan government strengthens regulation of cryptocurrency transactions, cracking down on illegal trading and money laundering.
Kazakh authorities have blocked over 3,500 illegally operating cryptocurrency exchanges and liquidated 36 illegal crypto exchanges, freezing 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 has taken steps to combat cryptocurrency pyramid schemes and has returned some funds to victims.