Kazakhstan liquidated 36 crypto exchanges with $100 million turnover and seizes $4.8 million USDT
Arkham Intelligence 
Kazakhstan liquidated 36 crypto exchanges with $100 million turnover and seizes $4.8 million USDT Kazakhstan liquidated 36 crypto exchanges with $100 million turnover and seizes $4.8 million USDT
Kazakhstan's strict regulations and global partnerships arrangement to eradicate illegal crypto activities and beef up AML compliance.
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Kazakhstan intensified its crackdown on illegal crypto exchanges in 2024, focused on platforms linked to cash laundering activities.
Per a press commentary, the Asian country’s Monetary Monitoring Agency (AFM) announced that it liquidated 36 unauthorized exchanges with a combined turnover of greater than $100 million and restricted entry to over 3,500 unregistered crypto buying and selling platforms.
Money laundering concerns
The AFM’s actions stem from rising concerns over the misuse of unregulated exchanges for felony activities such as cyber fraud and drug trafficking. Many of those platforms lacked anti-cash laundering (AML) measures and know-your-customer (KYC) protocols, making them comely instruments for illicit transactions.
In a collaborative effort with the National Security Committee and the Ministry of Culture and Data, authorities seized $4.8 million in USDT and dismantled two crypto pyramid schemes. This operation recovered an extra $545,000 USDT and iced up $120,000 USDT.
To toughen its stance in opposition to financial crimes, Kazakhstan launched legislative amendments that retain digital asset suppliers accountable for AML violations. These amendments comprise enhanced verification protocols for crypto transactions within financial establishments.
Kazakhstan’s measures keep in mind its rising focal level on regulating the crypto sector and combating the exploitation of digital resources for illegal applications. The AFM also plans to collaborate with global companions to elongate efforts to address felony activities linked to cryptocurrencies.
Kazakhstan’s crypto relationship
Kazakhstan used to be once a greater participant in the crypto industry, particularly after China’s 2021 crackdown on crypto mining led to an influx of miners. This relate resulted in the country snappy ranking as the field’s 2nd-perfect Bitcoin producer.
Alternatively, stringent regulations salvage since caused an exodus of miners, with the country now contributing now not as much as 5% of the arena Bitcoin community hashrate.
No matter those changes, native hobby in digital resources has grown. A characterize published that the gathering of Kazakhstani residents owning cryptocurrencies had doubled in the previous yr, signaling a persevered hobby in the evolving digital economy.
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's probably. He imparts insights on a vary of issues esteem DeFi, hacks, mining and custom, underlining transformative vitality.
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