Kazakhstan Cracks Down on Illegal Crypto Platforms, Seizes $17 Million

Kazakhstan has intensified its crackdown on illicit cryptocurrency activities, shutting down 130 platforms linked to money laundering schemes this year. The Financial Monitoring Agency (AFM) confirmed the seizure of $16.7 million in digital assets tied to these operations, reinforcing the government's stringent stance against unlawful crypto practices.

New verification rules are set to target large transfers, with bank card top-ups exceeding 500,000 tenge ($925) now requiring sender identification. The AFM emphasized that these measures aim to balance regulatory oversight with continued support for legitimate digital asset use.

The closed platforms were not traditional centralized exchanges but functioned as intermediaries for illicit funds. This follows last week's confiscation of $642,000 from illegal mining operations, underscoring Kazakhstan's dual approach of enforcement and regulation.