{"id":18579,"date":"2023-03-10T23:38:10","date_gmt":"2023-03-10T23:38:10","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/kazakhstan-shuts-down-crypto-exchange-that-transferred-34-million-through-binance-exchanges-bitcoin-news\/"},"modified":"2023-03-10T23:38:10","modified_gmt":"2023-03-10T23:38:10","slug":"kazakhstan-shuts-down-crypto-exchange-that-transferred-34-million-through-binance-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/kazakhstan-shuts-down-crypto-exchange-that-transferred-34-million-through-binance-exchanges-bitcoin-news\/","title":{"rendered":"Kazakhstan Shuts Down Crypto Exchange That Transferred $34 Million Through Binance \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Authorities in Kazakhstan have busted an illegal crypto trading platform, seizing over $350,000. The exchange allegedly processed almost $34 million in transactions through wallets on Binance, two of which have been blocked during the ongoing investigation.<\/strong><\/p>\n

Digital Asset Exchange Making Millions in Turnover Closed Down in Kazakhstan<\/h2>\n

A platform illegally trading cryptocurrencies in Kazakhstan, ABS Change, has been identified and shut down, the country\u2019s Financial Monitoring Agency (FMA) announced<\/a> on Telegram. Three Kazakhstani citizens have been accused of running the exchange which carried out its activities without a license<\/a> since 2021.<\/p>\n

During an operation in the country\u2019s capital city, law enforcement officials confiscated $342,000 and 7 million tenge (almost $16,000) in cash. The entity had another $23,000 worth of crypto assets in two wallets on Binance<\/a>, the world\u2019s largest crypto exchange, which have been temporarily restricted, the statement detailed.<\/p>\n

According to the FMA, ABS Change transferred a total of $34 million through Binance. The watchdog pointed out that its operations were conducted outside the Astana International Financial Center (AIFC). Only exchanges that are residents of the financial hub are authorized to provide crypto trading services in the Central Asian nation.<\/p>\n

The FMA\u2019s main focus has been on preventing \u201cgray\u201d business activities, including those in the crypto space, and the agency said that Kazakhstan\u2019s shadow economy shrank to below 20% last year. In January, the regulator took down<\/a> several coin trading websites. In February, it seized almost $188,000 worth of property, including digital assets, from a Russian national involved in these illegal operations.<\/p>\n

After China\u2019s crackdown on the industry, Kazakhstan attracted many cryptocurrency miners with its cheap electricity, but they have been blamed for an increasing power deficit. Since the expansion of the sector, the government in Nur-Sultan has been taking steps to regulate it and the country\u2019s growing crypto economy as a whole.<\/p>\n

A law restricting the access of mining farms to low-cost power entered into force<\/a> in Kazakhstan in February. The legislation introduces a licensing regime for miners and obliges them to sell the bulk of their revenue on domestic-registered exchanges.<\/p>\n

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authorization<\/a>, Binance<\/a>, Crypto<\/a>, crypto assets<\/a>, crypto exchange<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, Exchange<\/a>, fma<\/a>, illegal<\/a>, Kazakhstan<\/a>, License<\/a>, regulator<\/a>, Seizure<\/a>, shutdown<\/a>, unauthorized<\/a>, unlicensed<\/a>, Wallets<\/a>, watchdog<\/a><\/div>\n<\/div>\n

Do you think Kazakhstan will continue to crack down on unlicensed crypto trading platforms? Tell us in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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