Kazakhstan Shuts Down Illegal Cryptocurrency Exchanges in Major Crackdown
- Kazakhstan has closed down 130 illegal cryptocurrency exchanges, confiscating virtual assets worth $16.7 million.
- The exchanges were involved in laundering funds obtained through criminal activities.
- Only licensed platforms integrated with local banks are allowed to operate legally in Kazakhstan.
- In a recent year, authorities uncovered over $43 million linked to unlawful cash-out operations involving cryptocurrencies.
- New regulations mandate personal identification for deposits exceeding $913 and require banks to retain ATM video recordings for at least six months.
The Financial Monitoring Agency (AFM) is intensifying its efforts against illegal cash-out operations related to cryptocurrencies, reflecting a commitment to enhance financial security measures within the country.
This crackdown highlights Kazakhstan’s rigorous stance against illicit financial activities, as evidenced by the closure of exchanges linked to over $16 million in seized assets. (Source)
