Kazakhstan’s Financial Monitoring Agency (AFM) shut 130 crypto platforms in 2025 and seized $16.7 million tied to illicit activity. Officials also confiscated $642,000 from illegal mining last week. The crackdown targets money laundering and unlicensed crypto exchangers, not major centralized exchanges (CEXs).
Kazakhstan Crypto Crackdown: Platforms Closed and Funds Seized
Authorities said the AFM took down platforms linked to laundering schemes. The 130 closures mark a sharp rise from 36 in 2024. Investigators traced flows across wallets and off-platform conversions.
The $16.7 million seizure comes from assets linked to those platforms. Separately, last week’s mining action recovered $642,000. The mining sites operated without approvals and drew subsidized power.
Local reporting places the activity in 2025 with regular updates from the AFM. Officials highlighted the methods used by informal operators. They cited layered swaps and rapid cross-asset hops.
AML Rules in Kazakhstan: 500,000 Tenge IIN Verification
New AML rules will tighten money transfers in Kazakhstan. AFM Deputy Chairman Kairat Bizhanov said top-ups above 500,000 tenge (about $925) will require the sender’s Individual Identification Number (IIN). He spoke at a government meeting, according to Baq.kz.
“Previously, only the recipient’s IIN was required. Additionally, the possibility to confirm the transaction via a mobile app or SMS is being considered,”
Bizhanov said. The change targets higher-risk loads and mule accounts.
Banks and payment providers would verify the sender at funding. The AFM expects clearer identity trails. The rule complements actions against crypto exchangers.
Crypto Exchangers vs CEXs: What Kazakhstan is Shutting
The AFM clarified that closed venues are crypto exchangers, not large CEXs. These operators act like fiat exchange booths. They advertise quick swaps and local cash handling.
Investigators said some exchangers used messaging apps and storefront counters. Records were limited compared with licensed providers. Thus, tracing often required on-site checks.
Raids seized devices and linked wallets. The Kazakhstan crypto crackdown focused on AML gaps and non-compliance. Authorities connected several sites to laundering networks.
AFSA Licensed Providers: 20 Approved, Including Bybit and WhiteBIT
The Astana Financial Services Authority (AFSA) lists 20 licensed providers. The public register includes Bybit and WhiteBIT among approved CEXs. Licenses cover custody, brokerage, and exchange services.
Approved firms meet capital and audit standards. They submit regular reports to AFSA. The register helps separate licensed platforms from informal crypto exchangers.
Officials directed users to verify providers against the AFSA list. The licensed cohort sits inside the Astana International Financial Centre. Reporting lines and compliance are defined.
Pro-Crypto Infrastructure: Stablecoin Fees, Spot Bitcoin Fund, Draft Crypto Reserve
Kazakhstan continues building regulated rails. Agencies accept certain regulatory fees in stablecoins like Tether USDt. Transfers run through channels with identity checks.
The country also launched a spot Bitcoin fund. Market data placed BTC near $122,827 at publication time. The product operates under local securities rules.
Officials are drafting a state-backed crypto reserve. The framework would set custody, risk, and audit controls. It is unclear whether the seized $16.7 million will join that reserve.
Enforcement Context: 2024 vs 2025, Plus Ongoing Mining Actions
The AFM recorded 36 closures in 2024. The 2025 total of 130 reflects a broader sweep. Actions reached regional hubs and online outlets.
Mining enforcement continued alongside exchange actions. The $642,000 seizure last week targeted unapproved sites. Authorities removed equipment and proceeds.
Local outlets, including Sozmedia.kz and Baq.kz, carried official remarks. The updates detail AML rules, IIN checks, and licensing. The Kazakhstan crypto crackdown remains focused on compliance.
