#Kazakhstan blocks 3,500 cryptocurrency exchanges#

Kazakh authorities have blocked over 3,500 "illegal" cryptocurrency exchanges, a 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 had 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 stated that 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. Financial institutions' scrutiny of cryptocurrency transactions is also being enhanced.