Kazakhstan Shuts 22 Illegal Crypto Exchanges, Freezes 20K Bank Cards

Kazakhstan's Agency for Financial Monitoring (AFM) has taken substantial measures against illegal cryptocurrency activities in 2025:

22 unlicensed cryptocurrency exchanges were shut down, and over 1,100 illegal online crypto services were blocked.
Authorities froze around 20,000 bank cards involved in money laundering from drug trafficking and fraud.
Investigators completed 1,135 criminal cases, securing compensation of 141.5 billion tenge ($277 million) for victims.

Enforcement Actions

15 criminal groups were dismantled, and 29 platforms converting digital funds to cash outside legal banking channels were closed.
The turnover of these illegal operations exceeded 128 billion tenge ($251 million).
Business relationships with 2,000 companies were terminated, and 56,000 individuals suspected of money laundering were flagged.

Licensed Market Developments

Kazakhstan's regulated market is expanding, with trading on platforms licensed through the Astana International Financial Centre reaching $6.8 billion from January to September 2025.
The AIFC hosts 27 licensed crypto firms, including 12 authorized exchanges.
A separate enforcement wave in October 2025 led to the shutdown of 130 platforms and the seizure of $16.7 million in assets.

These actions reflect a global trend towards increased oversight of digital asset markets amid record levels of crypto theft exceeding $4 billion globally in 2025.