#Kazakhstan blocks 3,500 cryptocurrency exchanges#
Hot Topic Overview
Overview
Kazakhstan's financial regulator, AFM RK, has announced the blocking of over 3,500 illegal cryptocurrency exchanges, the latest move in the country's crackdown on cryptocurrency trading. This follows the blocking of access to Coinbase in 2023 and the liquidation of 36 illegal crypto exchanges in 2024, freezing assets worth 4.8 million USDT. Authorities also exposed two cryptocurrency pyramid schemes and returned 545,000 USDT to victims. The AFM said it is working with international partners to combat criminal activity in cryptocurrency trading and is drafting legal amendments to hold digital asset providers accountable for money laundering.
Ace Hot Topic Analysis
Analysis
Kazakh authorities have blocked over 3,500 "illegal" cryptocurrency exchanges, the result of a joint operation by the National Security Committee and the Ministry of Culture and Information. Previously, Kazakh authorities had blocked access to Coinbase in 2023 on suspicion of violating 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. Kazakh regulator 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.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The Kazakh government is strengthening regulation of cryptocurrency transactions and cracking down on its use for criminal activities.
Kazakh authorities have blocked over 3,500 illegally operating cryptocurrency exchanges, liquidated 36 illegal cryptocurrency exchanges, and frozen assets worth 4.8 million USDT.
The Kazakh government is working with international partners to strengthen regulation of cryptocurrency transactions and is developing legal amendments to hold digital asset providers accountable for money laundering.
The Kazakh government is strengthening regulation of cryptocurrency transactions to prevent money laundering and financial crime.