Kazakhstan Shuts 1,100 Illegal Crypto Exchanges in Regulatory Crackdown
Kazakhstan's Financial Monitoring Agency (AFM) has dismantled over 1,100 unlicensed cryptocurrency trading platforms as part of a sweeping crackdown on illicit financial activity. The MOVE aligns with the nation's push to establish itself as a regulated hub for digital assets in Central Asia.
AFM head Zhanat Elimanov reported the seizures to President Kassym-Jomart Tokayev, detailing 1,135 completed criminal investigations involving 141.5 billion tenge ($277 million) in recovered assets. The operation targeted shadow exchanges allegedly laundering drug trafficking proceeds and fraud schemes.
Authorities froze 20,000 bank accounts linked to money mules while financial institutions severed ties with 2,000 suspect companies and 56,000 individuals. Monitoring systems flagged 2.1 trillion tenge ($4 billion) in suspicious flows through 35 payment processors.
