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1/24/2025, 11:45:26 AM

Sentence and Seizure of Cryptocurrency Exchange Operators in Kazakhstan

A court in Kazakhstan has handed down significant penalties to three individuals operating cryptocurrency exchanges without proper licensing. They were convicted of facilitating unauthorized digital asset transactions for a fee, involving substantial sums and a wide customer base.

Illegal Activities and Evidence

The operators utilized unsecured digital wallets and processed transactions on an unlicensed platform, handling funds from exchanges that are banned within the country. Bank statements provided by prosecutors revealed over $1.28 million in transactions for 380 customers.

Assets Seized by the Court

As a result of the conviction, the court seized a substantial amount of assets belonging to the operators. These include real estate properties, five cars, a quad bike, and various computer equipment, valued at approximately $750,000.