Kazakhstan shuts down 130 crypto exchanges
Kazakhstan has carried out its largest-ever crackdown on illegal crypto platforms. The Financial Monitoring Agency (AFM) closed 130 unlicensed exchanges and confiscated digital assets worth $16.7 million.
According to AFM Deputy Chairman Kairat Bizhanov, all of the dismantled platforms are suspected of laundering criminal proceeds and processing anonymous transactions without proper user identification. Under Kazakh law, only exchanges licensed by the Astana Financial Services Authority (AFSA) and integrated with local banks are permitted to operate in the country.
To combat illegal cash-outs, the AFM and the National Bank have introduced new measures: deposits exceeding 500,000 tenge ($913) now require identity verification through a mobile application, and banks must retain ATM surveillance footage for at least 180 days.
Additionally, starting in 2026, Kazakhstan will roll out biometric identification for all cash operations. According to AFM data, over the past year, authorities uncovered 81 shadow organizations with a combined turnover exceeding $43 million, while the tax service revoked registrations of 3,600 shell companies involved in money laundering.
The crackdown comes as Kazakhstan prepares to launch its national stablecoin, KZTE, which will be integrated into the country’s payment infrastructure.
Kazakhstan is shifting from a “permission-without-supervision” model to strict regulation of crypto operations, aiming to safeguard its financial system and prepare for the large-scale rollout of the digital tenge.
Additionally, starting in 2026, Kazakhstan will roll out biometric identification for all cash operations. According to AFM data, over the past year, authorities uncovered 81 shadow organizations with a combined turnover exceeding $43 million, while the tax service revoked registrations of 3,600 shell companies involved in money laundering.
The crackdown comes as Kazakhstan prepares to launch its national stablecoin, KZTE, which will be integrated into the country’s payment infrastructure.
Kazakhstan is shifting from a “permission-without-supervision” model to strict regulation of crypto operations, aiming to safeguard its financial system and prepare for the large-scale rollout of the digital tenge.
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