Kazakhstan Blocked Nearly 1000 Bitcoin and Crypto Exchanges in 2023!

• In 2023, Kazakhstan’s Financial Monitoring Agency (FMA) blocked access to almost a thousand crypto exchanges that provided services to the country’s citizens without proper registration.
• The Digital Assets Law, which came into effect in February 2023, prohibits the creation and trading of digital currencies and crypto exchange activities without obtaining a national license.
• The list of blocked unlicensed exchanges includes some major international platforms.

In 2023, Kazakhstan’s Financial Monitoring Agency (FMA) blocked access to nearly a thousand unlicensed crypto exchanges in the country: Here are the details!

Kazakhstan Blocked Unlicensed Exchanges in 2023

In 2023, Kazakhstan’s Financial Monitoring Agency (FMA) blocked access to almost a thousand crypto exchanges that provided services to the country’s citizens without proper registration. According to a press release dated December 7th published on the government’s website, FMA denied access to 980 illegal platforms in 2023.

Additionally, FMA initiated nine investigations, including “illegal exchange operations” and money laundering inquiries. This information is part of the statements made by FMA President Ruslan Ostroumov during the Anti-Money Laundering Eurasian Group meeting in China.

The Digital Assets Law, which came into effect in February 2023, prohibits the creation and trading of digital currencies and crypto exchange activities without obtaining a national license. The Astana International Financial Centre (AIFC), operating as a special economic zone responsible for pre-approval processes for operations in Kazakhstan.

Coinbase exchange also blocked

Some major international platforms are included in the list of blocked unlicensed exchanges. In November, it was revealed that Kazakh citizens could not access the Coinbase website following an order from the Ministry of Culture and Information. Ministry representatives stated that the request came from the Ministry of Digital Development, accusing Coinbase of violating the Digital Assets Law. So far, Binance, Bybit, CaspianEx, Biteeu, ATAIX, Upbit, and Xignal&MT exchanges have obtained approval to operate in the country.