#Kazakhstan blocks 3,500 cryptocurrency exchanges#
Hot Topic Overview
Overview
Kazakhstan's financial regulator, AFM RK, recently announced that it has blocked over 3,500 illegally operating cryptocurrency exchanges. This action was the 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 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. The AFM stated that it is 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 their scrutiny of cryptocurrency transactions.
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. 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. Kazakhstan's financial regulator, AFM, said it is working with international partners to strengthen cryptocurrency trading regulations, draft legal amendments to hold digital asset providers accountable for money laundering, and enhance financial institutions' 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, liquidated 36 illegal exchanges, and frozen assets worth 4.8 million USDT.
The Kazakhstan government is working with international partners to strengthen regulation of cryptocurrency transactions.
The Kazakhstan government is drafting legal amendments to hold digital asset providers accountable for money laundering and to strengthen financial institutions' scrutiny of cryptocurrency transactions.