PANews reported on January 8 that according to Finance Magnates, Kazakhstan's regulator AFM RK announced that the authorities have blocked more than 3,500 illegally operating cryptocurrency exchanges. The action was the result of a joint effort by the National Security Committee and the Ministry of Culture and Information. Previously in 2023, the authorities also blocked access to Coinbase on suspicion of violating digital asset laws.

In 2024, regulators liquidated 36 illegal cryptocurrency exchanges with a total transaction volume of 60 billion Kazakh tenge (about $113 million) and froze assets worth 4.8 million USDT. In addition, the authorities uncovered two cryptocurrency pyramid scams, returned 545,000 USDT to victims, and froze 120,000 USDT held by the platform.

The AFM said it is working with international partners to strengthen regulation of cryptocurrency transactions, combat their use for criminal purposes, and develop legal amendments to hold digital asset providers accountable for money laundering. Financial institutions’ inspections of cryptocurrency transactions have also been strengthened.