Kazakhstan blocks over 1,100 illegal crypto platforms
Kazakhstan’s financial authorities have shut down access to more than 1,100 unlicensed online crypto exchange services over the past year as part of a sweeping enforcement campaign.
The figure was disclosed by Zhanat Elimanov, head of the Financial Monitoring Agency (AFM), during a briefing to President Kassym-Jomart Tokayev on the agency’s 2025 activities, reports Cryptopolitan.
Authorities said the blocked platforms were operating outside the country’s legal framework and were frequently linked to fraud and money-laundering schemes. In total, the AFM investigated 1,135 criminal cases last year and returned more than 141.5 billion tenge (about $277 million) to victims. Officials also dismantled 15 criminal groups and 29 illegal cash-handling organizations. The crackdown reflects Kazakhstan’s effort to clean up its digital asset market while expanding regulated crypto activity.
Money laundering networks and shadow exchanges targeted
Beyond blocking websites, Kazakh regulators intensified action against crypto-related financial crime networks. The AFM said it shut down 22 so-called shadow crypto exchanges allegedly used to launder proceeds from drug trafficking and fraud. Financial institutions were instructed to cut ties with around 2,000 companies and 56,000 individuals suspected of money laundering activities. Authorities detected more than 2.1 trillion tenge (over $4 billion) in illicit financial flows with the help of payment institutions.
In addition, about 20,000 bank card accounts used by money mules were frozen. These measures highlight the government’s focus on disrupting the infrastructure that supports illegal crypto transactions rather than just individual offenders.
Balancing enforcement with crypto hub ambitions
Kazakhstan’s aggressive enforcement comes alongside broader plans to position the country as a regional crypto hub. After becoming a hotspot for mining following China’s crackdown, the government has gradually moved toward formal regulation while maintaining strict controls on illegal activity. In 2025, authorities eased some restrictions on crypto mining and explored ways to expand trading beyond the Astana International Financial Center.
At the same time, payments with digital assets remain largely prohibited outside a limited pilot program known as CryptoCity. Recent months have seen multiple high-profile cases, including the seizure of $10 million in crypto from a pyramid scheme and the shutdown of the RAKS laundering platform. The dual strategy signals that Kazakhstan wants to attract legitimate crypto business while drawing a hard line against unlicensed and criminal operations.
Recently we wrote that Thailand has launched a coordinated campaign against so-called “gray money,” tightening oversight across both physical gold markets and digital assets to close money-laundering loopholes.
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