Казахстан усиливает борьбу с нелегальными криптобиржами, конфискуя активы на сумму $16,7 млн Translation: Kazakhstan intensifies the fight against illegal cryptocurrency exchanges, seizing assets worth $16.7 million.

The Financial Monitoring Agency (FMA) of Kazakhstan has taken action against illegal cryptocurrency exchanges suspected of laundering illicit funds, as reported by the agency’s deputy chairman, Kairat Bizhanov.

Authorities seized virtual assets valued at $16.7 million.

«This year, we have shut down 130 unlicensed crypto exchanges involved in money laundering,» stated Bizhanov.

Under Kazakhstan’s legislation, only cryptocurrency exchanges licensed by the Astana International Financial Center (AIFC) can operate legally within the country. These exchanges must also be linked to local banks.

The spokesperson clarified that the term «130 illegal crypto exchanges» likely refers to a mix of local OTC exchanges, P2P aggregators, and Telegram bots.

«Many of them operated through networks of agents and shell companies, servicing retail exchanges and cashing out,» the expert explained.

According to Dosanov, tightening control will serve as a barrier to dubious projects while providing a competitive edge to legitimate firms. Overall, these actions signify a systemic shift from a «gray» crypto market to a legalized ecosystem, he concluded.

The FMA is also combating illegal money cashing schemes. In 2024, the agency identified 81 shadow groups with a total turnover of 24 billion tenge (over $43 million).

To curb these practices, the FMA and the National Bank have implemented new rules. Now, for card top-ups exceeding 500,000 tenge ($913), it is mandatory to enter a Tax Identification Number and confirm the transaction via a mobile application. Starting January 1, 2026, banks will also be required to retain ATM video recordings for at least 180 days.

Authorities plan to expand the use of biometrics, including facial recognition and fingerprint data, for all cash transactions.

In collaboration with the Ministry of Justice and the Ministry of Artificial Intelligence, the agency has developed amendments to tighten business registration. The focus is on verifying the founders and executives of companies based on risk criteria.

Over the past three years, tax authorities have revoked the registrations of 3,600 shell companies. These firms were linked to 30,000 fraudulent operations totaling 280 billion tenge ($511 million).

It is worth noting that on October 2, Binance founder Changpeng Zhao discussed the development of the crypto industry and the inclusion of BNB in state reserves with President Kassym-Jomart Tokayev.