Kazakhstan’s National Security Committee, in collaboration with the Ministry of Culture and Information and the Financial Monitoring Agency (FMA), blocked more than 3,500 illegal online cryptocurrency exchanges in 2024, according to an FMA report.
Additionally, 36 offline cryptocurrency exchanges with a combined turnover exceeding $120 million were shut down last year. The FMA also froze assets worth 4.8 million Tether (USDT) during the crackdown.
Authorities uncovered two cryptocurrency-based pyramid schemes, recovering USDT545,000 and freezing an additional USDT120,000 in assets.
The FMA warned that illegal crypto exchanges often fail to verify client identities or monitor suspicious transactions. This makes them a...