Catenaa, Friday, January 31, 2025 – Authorities said that a Kazakh court has sentenced three operators of illegal cryptocurrency exchanges to prison terms ranging from 2.5 to 3.5 years.
The ruling, issued on January 22, follows a broader crackdown on unauthorized crypto trading in Central Asia.
The defendants were convicted of running a platform that exchanged cryptocurrency for a fee, provided wallet services, and processed funds from a banned crypto exchange, according to Kazakhstan’s Financial Monitoring Agency (AFM).
AFM Officials said the operators handled more than $1.28 million worth of crypto transactions from about 380 customers. Authorities also confiscated about $750,000 in assets, including real estate, five vehicles, and computer equipment, among other things.
Kazakhstan mandates that crypto firms operate within the framework of the Astana International Financial Center (AIFC). In October, regulators warned banks to block transactions involving exchanges operating outside AIFC rules.
AFM data shows that 19 illegal cryptocurrency exchanges were shut down in the first nine months of 2024.
