#Kazakhstan blocks 3,500 cryptocurrency exchanges#
Hot Topic Overview
Overview
Kazakhstan's financial regulator AFM RK has announced that it has blocked over 3,500 illegally operating cryptocurrency exchanges, the latest move in the country's crackdown on cryptocurrency crime. The action is the result of a joint effort by the National Security Committee and the Ministry of Culture and Information, following the Kazakh authorities' blocking of access to Coinbase for 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 transactions, combat their 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. The move is the latest in Kazakhstan's efforts to tighten regulations on cryptocurrency trading and combat its use in criminal activities. Previously, Kazakh authorities blocked access to Coinbase in 2023 for 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. Kazakhstan's financial regulator AFM said it is working with international partners to strengthen cryptocurrency trading regulations and is drafting 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, cracking down on illegal trading and money laundering activities
Kazakh authorities have taken action to block over 3,500 illegal cryptocurrency exchanges and liquidated 36 illegal exchanges, freezing assets worth millions of dollars
The Kazakh government is working with international partners to strengthen regulation of cryptocurrency transactions and is drafting legal amendments to hold digital asset providers accountable for money laundering
The Kazakh government's regulatory measures on cryptocurrency transactions indicate that the country is working to combat cryptocurrency crime and protect investor interests