#Kazakhstan blocks 3,500 cryptocurrency exchanges#

Kazakhstan's financial regulator AFM RK has announced that it has blocked over 3,500 illegally operating cryptocurrency exchanges, the latest move in the country's crackdown on cryptocurrency trading. The action is the result of a joint effort by the National Security Committee and the Ministry of Culture and Information, following the Kazakh authorities' blocking of 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. 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.