#Kazakhstan blocks 3,500 cryptocurrency exchanges#
Hot Topic Overview
Overview
Kazakhstan's financial regulator, AFM RK, has announced the blocking of 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 blocking of access to Coinbase in 2023 by Kazakh authorities for alleged violations of digital asset laws. In 2024, authorities also 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 stated that 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' scrutiny of cryptocurrency transactions is also being enhanced.
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. This move is the latest in Kazakhstan's efforts to tighten regulations on cryptocurrency trading, aiming to combat the use of cryptocurrencies for criminal activities. Previously, Kazakh authorities blocked access to Coinbase in 2023 for alleged violations of digital asset laws and liquidated 36 illegal cryptocurrency exchanges in 2024, 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 Kazakh regulator AFM RK stated that it is working with international partners to strengthen cryptocurrency trading regulations, develop 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
The Kazakh government is actively cracking down on illegal cryptocurrency exchanges to maintain national security and financial stability.
Kazakh regulators are strengthening oversight of cryptocurrency transactions and collaborating with international partners to combat cryptocurrency crime.
The Kazakh government is drafting legal amendments to hold digital asset providers accountable for money laundering and enhance financial institutions' scrutiny of cryptocurrency transactions.
The Kazakh government has taken action to block over 3,500 illegal crypto exchanges, liquidated 36 illegal exchanges, and frozen millions of dollars in assets.