Kazakh resident suspected of illegal P2P trading

In the Karaganda region, the activities of a citizen engaged in selling cryptocurrencies on an unnamed crypto exchange have been halted. The Financial Monitoring Agency of Kazakhstan reports this.

According to the agency, from early 2020 to February 2023 the suspect conducted transactions totaling about 95 million tenge (over $205,000).

In his activities, the suspect used a cryptocurrency exchange wallet registered in his son’s name. However, neither of them held a license to carry out exchange operations as a legal entity.

The investigation is ongoing.

The cryptocurrency trading and the operation of crypto exchanges in Kazakhstan are allowed only within the jurisdiction of the МФЦА with a license.

Last summer in Almaty they identified a cryptocurrency online exchange that operated from 2019 to 2022 without registration and a license to provide services. The owners stored funds on Binance.