Several Crypto Exchange Websites Takedown in Kazakhstan – Bitcoin Exchanges News

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Financial authorities in Kazakhstan have targeted at least five online platforms trading cryptocurrencies outside the law. Documents, computer equipment and cryptocurrency wallets were seized during searches in the north of the country.

Kazakhstan’s financial watchdog cracks down on unlicensed crypto exchange services

The Financial Monitoring Agency (FMA) of the Republic of Kazakhstan has dismantled a group involved in the illegal exchange of cryptocurrencies. Its members organized trade through several websites such as kzobmen.com, 1wm.kz, kazobmen.ru, wm007.kz and kz-exchange.com.

As part of the operation in the Kostanay region, searches were carried out at six sites, during which objects incriminating the operators of the platforms were seized, the watchdog said in a statement. Its employees confiscated a number of laptops, mobile phones and USB keys, as well as banking and accounting documents.

The authority alleged that the organizers of the online exchanges received particularly large income from their business venture, without specifying the amount. He also did not reveal the number of people in the group or their identities.

Investigators were able to establish that they had two crypto wallets at Binance, the world’s largest crypto exchange, with a combined balance of $6,000 in digital assets. Access to these wallets has been temporarily restricted, the FMA noted. Over $200,000 worth of coins were found in wallets with other exchanges.

A preliminary investigation is underway, according to the statement. The Financial Monitoring Agency also reminded that these types of activities are permitted only under the special legal regime of the Astana International Financial Center (AIFC).

Kazakhstan’s government has taken steps to regulate the country’s crypto market, which has been growing since the Central Asian nation became a bitcoin mining hotspot following a Chinese crackdown on the industry in 2021.

In order to legally operate an exchange, crypto companies must obtain regulatory approval and register with the Kazakhstan Financial Center. In October 2022, Binance was licensed as a crypto exchange and custody service provider. Earlier that month, he agreed to share information about crypto-related crime with Nur-Sultan authorities.

Tags in this story Binance, Crackdown, Crypto, crypto exchange, crypto trading, crypto wallets, Cryptocurrencies, Cryptocurrency, Exchange, exchange websites, exchangers, financial watchdog, fma, Kazakhstan, operation, research , Trading Platforms, Wallets

Do you think Kazakhstan will continue to crack down on unlicensed crypto trading? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: Being a writer is who I am, rather than what I do. Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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