The AFM Department for the North Kazakhstan Region has completed an investigation into a criminal case involving three individuals who accepted and exchanged cryptocurrency without a licence.
According to the press service of the agency, the criminals' cash turnover exceeded 681 million tenge.
"As a result of illegal exchange operations, the organisers of the scheme transferred digital assets into national currency for a fee. <...> 380 individuals conducted cryptocurrency transactions with the defendants, as confirmed by bank statements", the report stated.
The court found the three defendants guilty and sentenced them to terms ranging from 2.5 to 3.5 years with confiscation of property.
Additionally, property worth nearly 400 million tenge was confiscated from them, including assets of around 10 million tenge, five vehicles valued at 213 million tenge, real estate worth 150 million tenge, a quad bike costing 12 million tenge, and expensive computer equipment.
The agency noted that illegal crypto exchange offices do not identify their clients nor detect suspicious transactions, meaning their services are often used by criminals. For instance, similar schemes in 2024 were used to launder drug proceeds amounting to 10 billion tenge.
Recall that in June 2023, it was reported that a resident of Almaty was fined for illegally exchanging cryptocurrency. The amount of funds deposited into his 'Binance' crypto wallet totalled nearly $693 thousand.
In December, it was reported that a resident of Astana was suspected of organising an illegal cryptocurrency exchange office. According to the AFM, between February and July 2023, the perpetrator transferred cryptocurrency worth more than 342 million tenge.
In January 2024, crypto cash-out operators were convicted in Astana. The suspects illegally exchanged cryptocurrency for cash, generating income on an especially large scale. The turnover from their activities amounted to 15 billion tenge.
In December, two individuals were convicted in the capital on charges of illegal cryptocurrency operations. The criminals' cash turnover exceeded 7 billion tenge.