Kazakhstan Blockchain Chief slams Binance.com after 130 closures
Following the news that 130 illegal crypto platforms were shut down in Kazakhstan, Dauren Karashev, head of the National Blockchain Association, pointed out a paradox in an exclusive comment to GNcrypto: the largest exchange, Binance.com, is unlicensed and operates in Kazakhstan through its licensed affiliate. However, clients interact directly with the global platform.
On average, more than 8,000 criminal cases are registered in Kazakhstan each quarter that are directly or indirectly related to the use of the global Binance.com platform.
As a reminder, Kazakhstan's Financial Monitoring Agency blocked access to 130 illegal crypto exchanges the day before. Authorities frame this as a crackdown on unlicensed operators, but Karashev calls it a paradox.
Chairman of the National Blockchain Association of Kazakhstan Dauren Karashev. Source - Dauren Karashev's official Facebook account
Leader without a license
I assess the closure of 130 illegal crypto platforms as a positive step. This demonstrates the state's intention to enforce the law, which explicitly establishes that only licensed crypto exchanges can operate in the Republic of Kazakhstan. However, the largest and most active crypto exchange in Kazakhstan, Binance.com, continues to operate without any restrictions, despite not having a license,Karashev told our publication.
Karashev emphasized that while BNKZ Technologies Limited holds an AIFC license and operates under the Binance brand locally, the global platform Binance.com is registered offshore and has no legal status in Kazakhstan.
Overlooked numbers
According to Chainalysis, 45% of Kazakhstani users in 2024 used Binance.com. The total turnover of these operations reached $10–11 billion. By comparison, Kazakhstan's President Kassym-Jomart Tokayev stated that licensed AIFC exchanges accounted for only 5% of digital asset turnover, while Binance.com handled 45%.
For comparison: Kazakhstan's President Kassym-Jomart Tokayev stated directly at an expanded government meeting in early 2025 that the turnover of digital assets on licensed AIFC exchanges is only 5%, while Binance.com accounts for 45%.
This means that conscientious licensed platforms are losing their customer base, and the market remains artificially stagnant,Karashev noted.
8,000 criminal cases in three months
Data shows that in the first three months of 2025, roughly 8,000 criminal cases involved internet fraud, with Binance.com often used as a tool.
The scheme typically involves fraudsters recruiting law-abiding citizens ("drops"), opening Binance.com accounts in their names, and using them for drug trafficking (Article 297 of Kazakhstan's Criminal Code), money laundering, and internet fraud (Article 190).
Transactions related to darknet and illegal activities are recorded through Binance.com. Materials from specific criminal cases involve transfers of tens of millions of dollars, including individual transactions exceeding half a million dollars,Karashev emphasized.
Who is responsible?
Concluding his comment, Karashev asked: "Who will take responsibility for the fact that the largest unlicensed crypto exchange continues to operate unhindered in Kazakhstan?"
At the time of publication, neither Binance nor Kazakhstani regulators had responded to his statements.
Reference: Dauren Karashev heads the National Blockchain Association of Kazakhstan, an industry organization uniting licensed participants in the country’s crypto sector.
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