In collaboration with the National Security Committee and the Ministry of Culture and Information, the agency has blocked more than 3,500 unregistered cryptocurrency exchanges.
In a press release, the regulator announced the closure of 36 illegal platforms, with a total turnover of 60 billion tenge (approximately $112.84 million). Authorities also confiscated 4.8 million USDT from these operations.
The crackdown comes amid rising concerns over money laundering, as these platforms reportedly failed to implement anti-money laundering (AML) measures and Know-Your-Customer (KYC) protocols. The lack of such safeguards made them a haven for criminal activities, including scams and drug trafficking. Additionally, authorities dismantled two crypto pyramid schemes during the operation, recovering 545,000 USDT and freezing an extra 120,000 USDT linked to the fraudulent schemes.
Kazakhstan is actively combating illegal platforms while promoting a regulated cryptocurrency ecosystem. To strengthen its efforts against crypto-related crimes, the AFM RK plans to introduce stricter regulations to ensure digital asset providers comply with anti-money laundering laws. The agency has also emphasized the importance of ongoing collaboration with international partners to enhance transaction monitoring and hold violators accountable.
Notably, Binance Kazakhstan is making significant strides toward becoming the country’s first fully regulated cryptocurrency exchange. In September 2024, the local branch of the global exchange received formal approval for a full regulatory license from the Astana Financial Services Authority (AFSA). To obtain this license, Binance Kazakhstan successfully met rigorous requirements, including undergoing external financial audits, securing ISO certifications for its IT systems, and passing comprehensive regulatory inspections, both internal and external. With the license granted, the exchange can operate a virtual assets trading facility, manage principal investments, and provide cryptocurrency custody services.
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Tags: AFMKazakhstan
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