😱 Kazajistán 🇰🇿: 36 illegal cryptocurrency exchanges shut down in 2024

😱 Kazajistán 🇰🇿: 36 illegal cryptocurrency exchanges shut down in 2024

Authorities from the Financial Monitoring Agency (AMF) of Kazakhstan have ramped up efforts to close unauthorized cryptocurrency operations. In 2024, 36 illegal exchanges were blocked.

⏩ Context: Cryptocurrency operations in Kazakhstan are strictly regulated. Trading is only permitted within the Astana International Financial Centre (AIFC), which holds a special legal status. Since early 2024, the AIFC authorized certain types of stablecoins and licensed 8 official exchanges: Binance, Bybit, ATAIX Eurasia, Biteeu, CaspianEx, BigOne, Delta DA, and Xignal&MT. These platforms are integrated with local banks, enabling users to top up their accounts via bank cards.

⏩ Everything else is deemed illegal, leading to the confiscation of 4.8 million USDT in assets during 2024. Meanwhile, the total volume managed by “alternative” exchanges was estimated at 60 billion tenges (approximately $112 million USD).

⏩ Additionally, the AMF dismantled 2 pyramid schemes that used cryptocurrencies to attract investments.

⏩ To enhance control, the AMF proposed legal reforms to establish specific responsibilities for digital asset providers in cases involving money laundering.

The AMF is also working with the National Security Committee and the Ministry of Culture and Information to strengthen its fight against illicit activities in the cryptocurrency sector.

#news #CentralAsia #cryptocurrency

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