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1/24/2025, 11:45:18 AM

Sentencing of Cryptocurrency Exchange Operators in Kazakhstan

A court in Kazakhstan has handed down significant penalties to three individuals involved in the operation of an unlicensed cryptocurrency exchange platform. They have been sentenced to jail terms ranging from 2.5 to 3.5 years, as reported by the Financial Monitoring Agency (AFM) of the country.

Unlicensed Cryptocurrency Trading and Its Impact

The operators were found guilty of facilitating the exchange of cryptocurrencies for a fee without obtaining the necessary licenses. They utilized unsecured digital assets, managed crypto wallets, and processed transactions from exchanges that are prohibited within Kazakhstan's legal framework.

Scale of Illegal Activity and Seized Assets

Evidence presented by prosecutors included bank statements revealing over $1.28 million in transactions processed through the illegal exchange platform for 380 customers. As a result, authorities seized a substantial amount of assets, including real estate, five cars, a quad bike, and computer equipment, valued at approximately $750,000.