#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 crime. The action is the result of a joint effort by the National Security Committee and the Ministry of Culture and Information. Previously, Kazakhstan authorities had blocked access to Coinbase, citing alleged violations of digital asset laws. Additionally, authorities have liquidated 36 illegal cryptocurrency exchanges, frozen assets worth 4.8 million USDT, and exposed two cryptocurrency pyramid schemes, returning 545,000 USDT to victims. The AFM stated that it is working with international partners to strengthen regulation of cryptocurrency transactions, combat their use in criminal activities, and develop legal amendments to hold digital asset providers accountable for money laundering.
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. Previously, Kazakhstan's regulator AFM RK had 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. The AFM said 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 are also stepping up their scrutiny of cryptocurrency transactions.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The Kazakh government is strengthening its regulation of cryptocurrency transactions, cracking down on illegal trading and money laundering.
Kazakh authorities have blocked over 3,500 illegally operating cryptocurrency exchanges, liquidated 36 illegal exchanges, and frozen assets worth 4.8 million USDT.
The Kazakh government is developing legal amendments to hold digital asset providers accountable for money laundering and to strengthen financial institutions' scrutiny of cryptocurrency transactions.
The Kazakh government is working with international partners to strengthen the regulation of cryptocurrency transactions.