Kazakhstan freezes millions in crypto and bans Coinbase
Authorities have also dismantled nine illegal mining sites, seized around 4,000 mining rigs, and blocked more than 5,500 unlicensed online exchangers.
Kazakhstan’s financial regulators have frozen $1.2 million in cryptocurrency and shut down 19 illegal over-the-counter platforms, marking a significant step in their ongoing crackdown on unlicensed crypto activity. These platforms, with a combined turnover exceeding $60 million, were operating illegally and posed risks related to money laundering and terrorism financing.
In addition to freezing funds, the Financial Monitoring Agency has targeted illegal crypto-mining operations. Since the start of the year, authorities have dismantled nine mining sites and seized around 4,000 mining rigs. Furthermore, more than 5,500 unlicensed online exchangers have been blocked as part of this broad regulatory effort.
Kazakhstan’s attempts to tighten its control over the crypto industry extend to major international players. In December 2023, the country banned the US-based crypto exchange Coinbase, accusing it of violating local laws regarding the trading of uninsured digital assets.
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