Kazakhstan liquidated 36 crypto exchanges with $100 million turnover and seizes $4.8 million USDT
Kazakhstan's strict regulations and international partnerships aim to eradicate illegal crypto activities and enhance AML compliance.
Kazakhstan intensified its crackdown on illegal crypto exchanges in 2024, targeting platforms linked to money laundering activities.
According to a press statement , the Asian country’s Financial Monitoring Agency (AFM) announced that it liquidated 36 unauthorized exchanges with a combined turnover of more than $100 million and restricted access to over 3,500 unregistered crypto trading platforms.
Money laundering concerns
The AFM’s actions stem from growing concerns over the misuse of unregulated exchanges for criminal activities such as cyber fraud and drug trafficking. Many of these platforms lacked anti-money laundering (AML) measures and know-your-customer (KYC) protocols, making them attractive tools for illicit transactions.
In a collaborative effort with the National Security Committee and the Ministry of Culture and Information, authorities seized $4.8 million in USDT and dismantled two crypto pyramid schemes. This operation recovered an additional $545,000 USDT and froze $120,000 USDT.
To strengthen its stance against financial crimes, Kazakhstan introduced legislative amendments that hold digital asset providers accountable for AML violations. These amendments include enhanced verification protocols for crypto transactions within financial institutions.
Kazakhstan’s measures reflect its growing focus on regulating the crypto sector and combating the exploitation of digital assets for illegal purposes. The AFM also plans to collaborate with international partners to expand efforts to address criminal activities linked to cryptocurrencies.
Kazakhstan’s crypto relationship
Kazakhstan was once a larger player in the crypto industry, particularly after China’s 2021 crackdown on crypto mining led to an influx of miners. This situation resulted in the country briefly ranking as the world’s second-largest Bitcoin producer.
However, stringent regulations have since caused an exodus of miners , with the country now contributing less than 5% of the global Bitcoin network hashrate .
Despite these changes, local interest in digital assets has grown. A report revealed that the number of Kazakhstani residents owning cryptocurrencies had doubled in the past year, signaling a continued interest in the evolving digital economy.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Experts Anticipate a Surge for SUI Cryptocurrency Based on Positive Indicators
In Brief SUI cryptocurrency shows optimism through positive technical indicators. Experts believe SUI is poised for a potential upward movement. Institutional predictions suggest significant price levels could be reached for SUI.

Massive OM Token Burn Sparks Investor Debate and Market Tension
In Brief Mullin announced a significant burn of 300 million OM tokens to reduce supply. Investor confidence is shaken as whale movements raise concerns about potential sell-offs. Market sentiment remains crucial as analysts call for additional measures for recovery.

Who is Patrice Evra, French football legend, set to speak at Token 2049 Dubai?
Elon Musk Takes Dig at Crypto Scammers Posing as “Hot Girls”
Trending news
MoreCrypto prices
More








