Kazakhstan's regulator AFM RK announced that it has blocked more than 3,500 illegally operating cryptocurrency exchanges. In 2024, the regulator liquidated 36 illegal cryptocurrency exchanges with a total transaction volume of 60 billion Kazakh tenge (about 113 million US dollars) and froze assets worth 4.8 million USDT. In addition, AFM RK also exposed two cryptocurrency pyramid scams, returned 545,000 USDT to victims, and froze 120,000 USDT held by the platform. The AFM said it is working with international partners to strengthen the supervision of cryptocurrency transactions, combat their use for crimes, and formulate legal amendments to hold digital asset providers accountable for money laundering, and financial institutions' inspections of cryptocurrency transactions have also been strengthened.
Previously in 2023, AFM RK also blocked access to Coinbase on the grounds of suspected violations of digital asset laws. (Finance Magnates)