#Kazakhstan blocks 3,500 cryptocurrency exchanges#
Hot Topic Overview
Overview
The Kazakh regulator AFM RK has announced that it has 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, 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
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, Kazakh authorities 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 (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 Kazakh regulator 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. Financial institutions are also increasing scrutiny of cryptocurrency transactions.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The Kazakh government is strengthening its 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 Kazakh government is working with international partners to strengthen cryptocurrency transaction regulation and is drafting legal amendments to hold digital asset providers accountable for money laundering.
The Kazakh government's increasing regulation of cryptocurrency transactions aims to maintain national financial security and combat criminal activity.