#Kazakhstan blocks 3,500 cryptocurrency exchanges#
Hot Topic Overview
Overview
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 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. 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.
Ace Hot Topic Analysis
Analysis
Kazakh authorities have recently taken a hard line against illegal cryptocurrency trading, blocking over 3,500 "illegal" crypto exchanges. The action is the result of a joint effort by the National Security Committee and the Ministry of Culture and Information, and is part of a broader effort to strengthen regulation of cryptocurrency trading in cooperation with international partners. 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. Kazakh authorities are strengthening regulation of cryptocurrency trading, cracking down on its use for criminal activities, and drafting legal amendments to hold digital asset providers accountable for money laundering. Financial institutions are also being subjected to increased scrutiny of cryptocurrency transactions.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The Kazakh government is strengthening regulations on cryptocurrency transactions to combat criminal activity and money laundering.
Kazakh authorities have blocked over 3,500 illegally operating cryptocurrency exchanges, liquidated 36 illegal crypto exchanges, and frozen assets worth millions of dollars.
The Kazakh government is working with international partners to strengthen regulations on cryptocurrency transactions and is developing legal amendments to hold digital asset providers accountable for money laundering.
The Kazakh government is strengthening regulations on cryptocurrency transactions to protect investors and maintain national financial security.