WebsCrypto
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
Facebook Twitter LinkedIn Telegram
WebsCryptoWebsCrypto
ADVERTISE
  • News
  • Prices
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Policy
  • Opinions
  • Guides
  • PR
WebsCrypto
Business

Kazakhstan Digital Asset Exchange Shuts Down After Transferring $34 Million via Binance

By Simon LawsonMarch 13, 20232 Mins Read
Kazakhstan Digital Asset Exchange Shuts Down After Transferring $34 Million via Binance
Share
Facebook Twitter Telegram LinkedIn Reddit Email

Authorities in Kazakhstan have shut down digital asset exchange ABS Change allegedly involved in illegal cryptocurrency trading. According to the country’s financial regulator (FMA), the exchange has no license and has been operating since 2021. Three Kazakh citizens are reportedly behind the deal.

In the raid on the capital’s exchange, officials confiscated $342,000 worth of cash and 7 million tenge (about $16,000). Authorities also found two wallets containing $23,000 worth of digital assets on Binance, the world’s largest cryptocurrency exchange. These wallets have now been temporarily restricted.

The FMA claims that ABS Change processed nearly $34 million in transactions through Binance. The regulator noted that ABS Change has been operating out of the Astana International Financial Center (AIFC), which is the only authorized cryptocurrency trading service provider in the country.

The FMA has been working to prevent “grey” commercial activity in Kazakhstan, including in the crypto space. It said the country’s shadow economy shrank to below 20 percent last year. In January, the regulator shut down several coin trading sites, and in February it seized nearly $188,000 worth of property, including digital assets, from a Russian citizen involved in the illicit trade.

Related:  SEC May Take Enforcement Action Against Coinbase

Kazakhstan has become an attractive destination for cryptocurrency miners due to its cheap electricity after China cracked down on the cryptocurrency industry. Miners, however, have been blamed for causing power shortages in the country. The Nur-Sultan government has been taking steps to regulate the industry and the country’s growing crypto economy.

In February, a law was introduced to limit access to low-cost electricity for mining farms. The legislation also requires miners to sell most of their income on domestically registered exchanges and introduces a licensing system for miners.

The shutdown of ABS Change is part of Kazakhstan’s broader efforts to crack down on illicit crypto transactions and regulate the growing crypto industry.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Binance Crypto Cryptocurrency Exchange
Related News

Crackdown on Crypto Crime: UK Sets Out Plans

Aspen Digital Appoints Elliot Andrews as CEO

SBF Pleads Not Guilty to All 13 Counts

Report: Cryptocurrency Donations Will Exceed $10 Billion in Ten Years

India to Collect Over $19.2 Million in Cryptocurrency Taxes in FY 2023

Mike Novogratz: Despite U.S. Regulations, Cryptocurrency Markets Have Been Strong This Year

The Latest
News April 1, 2023
Crackdown on Crypto Crime: UK Sets Out Plans
Business April 1, 2023
Aspen Digital Appoints Elliot Andrews as CEO
News March 31, 2023
SBF Pleads Not Guilty to All 13 Counts
News March 30, 2023
Report: Cryptocurrency Donations Will Exceed $10 Billion in Ten Years
News March 30, 2023
India to Collect Over $19.2 Million in Cryptocurrency Taxes in FY 2023
Block 3000

WebsCrypto contains crypto news about cryptocurrencies, bitcoin, ethereum, altcoins and more.

Facebook Twitter LinkedIn Telegram RSS
Categories
  • News
  • Markets
  • Business
  • Markets
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Tags
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Blockchain
  • DeFi
  • Regulation
  • Policy
About
  • About Us
  • Contact Us
  • Advertise
  • Crypto Prices
  • Privacy Policy
  • Terms of Service
© 2023 WebsCrypto.

Type above and press Enter to search. Press Esc to cancel.