Alleged Illegal P2P Trading Suspicion in Kazakhstan
Date: 2023-12-04 Author: Dima Zakharov Categories: IN WORLD
Suspected Illegal Trading Activity Stopped
A citizen in the Karaganda region of Kazakhstan faced a cessation of operations due to alleged involvement in selling cryptocurrencies on an undisclosed crypto exchange. According to the Kazakhstan Financial Monitoring Agency, transactions totaling around 95 million tenge (over $205,000) were conducted by the suspect between the beginning of 2020 and February 2023.
Unauthorized Use of Exchange Wallet
The individual in question utilized an exchange crypto wallet registered under their son's name. However, neither of them possessed a license for conducting exchange operations as a legal entity. The investigation into this matter remains ongoing.
Regulatory Reminder
It's important to note that cryptocurrency turnover and the operations of crypto exchanges in Kazakhstan are permitted solely under the jurisdiction of the MFCA (Financial Monitoring Agency) with the presence of a valid license.
Prior Incidents of Unregistered Cryptocurrency Services
This incident isn’t the first of its kind in Kazakhstan. Previously in Almaty, an online cryptocurrency exchange was uncovered for operating without registration and a service license from 2019 to 2022. The service's proprietors stored their funds on Binance.
