#Kazakhstan blocks 3,500 cryptocurrency exchanges#
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Overview
The Kazakh 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 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 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.
Ace Hot Topic Analysis
Analysis
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 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.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Kazakhstan government strengthens regulation of cryptocurrency transactions, combating illegal trading and money laundering.
Kazakh authorities have taken action to block over 3,500 illegal cryptocurrency exchanges and liquidated 36 illegal exchanges.
The Kazakhstan government is working with international partners to strengthen regulation of cryptocurrency transactions.
The Kazakhstan government is developing legal amendments to hold digital asset providers accountable for money laundering.