The Department of the Financial Monitoring Agency (FMA) in Almaty has completed an investigation into the illegal circulation of digital assets without the relevant permits.
According to the agency's press office, in September 2020, while still a minor, the suspect posted advertisements for exchanging cryptocurrency.
Since only adults can use the 'Binance' crypto exchange, he asked his brother to complete the verification process to create an account. In 2021, he registered three more accounts in the names of relatives to minimise the risk of being blocked.
Ultimately, between 2021 and 2024, the suspect carried out the illegal circulation of digital assets worth 5.6 billion tenge.
'The fee for the exchange services provided ranged from 0.5% to 2.5%. With the illegally obtained fees, the suspect purchased a Mitsubishi car, which has been seized by court order', the statement said.
The court found him guilty and sentenced him to a restriction of liberty for a period of 2.5 years. Additionally, digital assets worth 5,172 USDT (approximately 2.5 million tenge) and the Mitsubishi car were confiscated to the state.
It is noted that in 2024, law enforcement officials liquidated 36 illegal crypto exchange offices with a total turnover of 60 billion tenge, and also froze and confiscated assets worth 4.8 million USDT (approximately 2.3 billion tenge).
For context, in June 2023, it was reported that a resident of Almaty was fined for the illegal exchange of cryptocurrency. The amount of funds received into his 'Binance' crypto wallet was nearly $693,000.
In December, it was reported that a resident of Astana was suspected of organising an illegal cryptocurrency exchange office. According to the FMA, between February and July 2023, the offender transferred cryptocurrency worth more than 342 million tenge.
In January 2024, in Astana, cryptocurrency cash-out operators were convicted. The suspects illegally exchanged cryptocurrency for cash, generating income on an especially large scale. The turnover from their activities amounted to 15 billion tenge.
Later in the capital, two individuals were convicted for illegal cryptocurrency operations. The criminals' cash turnover exceeded 7 billion tenge.
In January of this year, in the North Kazakhstan Region, three individuals who received and exchanged cryptocurrency without a licence were convicted. The cash turnover exceeded 681 million tenge.