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Kazakhstan has taken a drastic step against the growing threat of unregulated crypto platforms operating within its borders. In a major crackdown, the country’s authorities have blocked access to over 3,500 illegal cryptocurrency exchanges. This bold move sends a strong message that Kazakhstan is serious about tackling the menace of illegal crypto activity.
The operation was carried out in collaboration with the Agency for Financial Monitoring (AFM RK), the National Security Committee, and the Ministry of Culture and Information. The government’s determination to weed out unregulated crypto platforms comes after years of growing concern over the rise of illicit activities within its borders.
In a shocking development, Kazakhstan has also frozen assets worth 4.8 million USDT, a popular stablecoin, during this operation. Additionally, two crypto scams were uncovered and victims have been refunded an astonishing $500,000 in USDT.
It is interesting to note that while the country has taken steps against illegal activities, it is not entirely turning its back on legitimate cryptocurrencies. In 2023, reputable exchanges like Bybit and Binance were granted full licenses from Kazakhstan’s Astana Financial Services Authority (AFSA).
This drastic move by Kazakhstan serves as a warning to other countries with significant crypto activity: illegal crypto platforms will be dealt with severely.
In fact, Kazakhstan is not resting on its laurels. The government has also announced plans to create a digital version of its national currency, the tenge, which could potentially be used for transactions and other financial purposes.
The country’s actions demonstrate its commitment to embracing new technologies while ensuring that they operate within the framework of the law. This approach is likely to have far-reaching implications for the global crypto community and serves as a testament to Kazakhstan’s determination to tackle the scourge of illegal crypto activity head-on.
Kazakhstan’s decision to block over 3,500 illegal crypto exchanges sends a strong message to other countries: no platform is above the law.
Source: coinpedia.org
