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Kazakhstan Court Bans Six Unlicensed Cryptocurrency Platforms
The Astana International Financial Centre Court (AIFC) in Kazakhstan has issued a ban on six unlicensed cryptocurrency platforms, including Coinbase and BingX, prohibiting them from offering digital asset services within the country. The ruling, made on September 15, was prompted by a lawsuit from the Astana Financial Services Authority (AFSA), which argued that these platforms were operating without the necessary authorization.
The court's order also mandates that app store operators, such as Google and Apple, enforce regional access restrictions for the platforms named in the injunction. An amendment to the initial ruling removed LBank from the list after its operator blocked access for users in Kazakhstan. The AFSA emphasized that users of unlicensed platforms do not receive the protections typically afforded by licensed institutions, including asset protection and dispute resolution services.
AFSA CEO Evgeniya Bogdanova stated that this ruling is part of a broader effort to regulate unlicensed cryptocurrency activities in Kazakhstan. The agency has previously warned over 20 platforms, with nine voluntarily restricting access and seven indicating plans to apply for licenses. The National Bank of Kazakhstan oversees digital asset service providers outside the AIFC, and the AFSA has been actively addressing unauthorized crypto operations in the country, having blocked nearly 1,000 unregistered exchanges in 2023.
Source: KLEA News