Kazakhstan has closed 36 unlawful bitcoin exchanges in 2024 as part of a crackdown on criminal operations. The measure demonstrates the country’s determination to combat money laundering and improve the integrity of its financial institutions. The Financial Monitoring Agency of Kazakhstan notified the shutdown of these platforms on January 6.
The agency showed that these unregistered exchanges allowed for unchecked fiat-to-crypto and crypto-to-fiat transactions, leaving them open to criminal abuse. Cybercriminals and drug traffickers frequently use such platforms because they do not check client identities or monitor suspicious activity, according to the agency’s statement.
According to authorities, the demolished exchanges had a total turnover of nearly 60 billion Kazakhstani tenge (around $112.8 million). Authorities not only shut down these enterprises but also seized assets totaling 2.5 billion tenge (about $4.8 million).
This operation is part of a bigger campaign in which Kazakhstan has blocked thousands of illicit cryptocurrency platforms in recent years. The country intends to strengthen its financial ecosystem by collaborating with foreign partners to improve monitoring technologies and implement stronger laws.
In addition to cracking down on unlawful businesses, Kazakhstan is progressing in implementing digital money solutions. Kazakhstan is developing its own digital currency, the digital tenge, with plans to launch it in 2025. The digital tenge, which is designed to interact smoothly with global payment networks, underlines Kazakhstan’s goal to become a leader in the rapidly growing digital economy.
While major exchanges like Binance and Bybit continue to operate lawfully in Kazakhstan, the government remains vigilant in protecting the sector from illegal activity. These recent initiatives demonstrate Kazakhstan’s commitment to creating a secure and compliant environment for bitcoin growth.
