Over 3,500 Crypto Exchanges Shut Down in Kazakhstan in 2024

• Kazakhstan blocked over 3,500 illegal crypto exchanges in 2024 to ensure regulatory compliance in the digital asset sector.
• Authorities dismantled 36 unlicensed crypto platforms, confiscating 4.8 million USDT and curbing over $113 million in turnover.

Kazakhstan has made major steps to strengthen its crypto regulatory environment, displaying a strong stance against unlawful financial activity. Authorities closed more than 3,500 unregistered crypto exchanges in 2024, an amazing increase in their attempts to stop illegal companies in the digital asset industry.

Working with the National Security Committee and the Ministry of Culture and Information, the Agency for Financial Monitoring (AFM) executed this broad action. Apart from the closures, 36 illegal platforms were dismantled, leading to the seizure of assets valued at 4.8 million USDT and a total turnover significantly reduced.

JUST IN : Kazakhstan regulators announced that they have blocked more than 3,500 illegal cryptocurrency exchanges, blocking access to Coinbase in 2023 for alleged violations of digital asset laws.

— Crypto News Updates (@CryptoNewsUpd8s) January 8, 2025

Kazakhstan’s Efforts to Tackle Crypto Regulation Challenges 

These initiatives are not unachievable. Kazakhstan started its regulation campaign in 2023 by closing 980 non-licensed crypto exchanges. Nine investigations into illicit operations resulting from this earlier crackdown also revealed $36.7 million worth of money laundering activity.

Authorities even limited access to big platforms like Coinbase for claimed violations of the rigorous Law on Digital Assets, which requires a national license for all crypto-related activity.

Notwithstanding these steps, certain international players—including Binance, Bybit, and Upbit—navigated the legal terrain to obtain operational licenses in Kazakhstan, so demonstrating the possibility for compliance within the nation’s changing legal system.

The growing attention of the Kazakh government on control emphasizes its will to solve issues related to money laundering and unbridled financial operations. These steps, however, also highlight the difficulties the worldwide crypto sector faces in adjusting to different legal surroundings.

Establishing rigorous regulations helps Kazakhstan position itself as a major participant in the global crypto economy and create a safer and more transparent digital asset ecosystem by means of which.

Besides that, CNF previously reported that Telegram’s new Kazakhstan office improves control over unlawful content and channels and regulatory compliance. This action sets Telegram in a central role in the evolving digital and crypto space of Kazakhstan.