#Kazakhstan blocks 3,500 cryptocurrency exchanges#

Kazakh authorities have shut down 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. The move is the latest in Kazakhstan's efforts to tighten regulations on cryptocurrency trading, following the country's blocking of access to Coinbase in 2023 and the liquidation of 36 illegal cryptocurrency exchanges in 2024, with a total transaction volume of 60 billion Kazakh tenge (about $113 million) and the freezing of assets worth 4.8 million USDT. Additionally, authorities have uncovered two cryptocurrency pyramid schemes, returning 545,000 USDT to victims and freezing 120,000 USDT held by the platforms. Kazakhstan's financial regulator, AFM, said it is working with international partners to strengthen cryptocurrency trading regulations, combat its use for criminal activities, and develop legal amendments to hold digital asset providers accountable for money laundering. Inspections of financial institutions for cryptocurrency transactions have also been intensified.