Kazakh Cryptocurrency Exchange Owners Sentenced to Prison with Asset Seizure

The Financial Monitoring Agency of Kazakhstan has concluded its investigation into two individuals involved in illegal cryptocurrency exchanges in Astana.

The individuals charged a commission of 1.5% to 2.5% for their services, generating a turnover of 15 billion tenge ($33.1 million).

Both defendants have been sentenced to prison terms of three and two and a half years, respectively, with asset confiscation. Specifically, 22,894.5 USDT, $328,000, and nearly 7 million tenge (~$15,450) have been transferred to the state.

In Kazakhstan, cryptocurrency trading and exchange operations are permitted exclusively within the jurisdiction of the AIFC with a license.

At the end of 2023, an investigation in Astana concluded regarding an illegal exchange with a turnover of approximately $745,000.