Kazakhstan Cracks Down on Unlicensed Crypto Exchanges

Kazakhstan has become a hotspot for cryptocurrency mining and trading in Central Asia, with the government seeking to establish itself as a major hub in the Eurasian region. However, authorities are taking measures to crack down on illicit activities, including unlicensed crypto exchange services.

The Astana Financial Services Authority (AFSA) issued warnings to several prominent exchanges, including HTX, Bitget, OKX, and MEXC, for operating without licenses in the country. These platforms advertise their services to customers in Kazakhstan, despite not having the necessary permits.

The AFSA emphasized that even well-known international exchanges must obtain a license to operate within the jurisdiction of the Republic of Kazakhstan. The watchdog noted that using unlicensed exchanges carries significant risks, including loss of investment, data breaches, and potential involvement in fraudulent schemes.