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Sentencing of Cryptocurrency Exchange Operators in Kazakhstan

Three cryptocurrency exchange operators have been convicted and sentenced to prison terms ranging from 2.5 to 3.5 years by a court in Kazakhstan, as reported by the Financial Monitoring Agency (AFM) of the country.

Unlicensed Cryptocurrency Trading Platform

The individuals were accused of running an unlicensed platform for exchanging cryptocurrencies for a fee. They utilized unsecured digital assets, managed crypto wallets, and handled funds from exchanges that are prohibited in Kazakhstan. The illegal activity involved processing over $1.28 million in transactions for 380 customers, as evidenced by bank statements presented during the trial.

Seized Assets

As a result of the conviction, assets valued at $750,000 have been seized from the operators, including real estate, five cars, a quad bike, and computer equipment.