Kazakhstan Shutting Down Crypto Exchange After $34 Million Transfer To Binance

Here’s a wild one for ya: it looks like Kazakhstan is cracking down on one of its crypto exchanges, albeit not one with that many customers.

A Controversial Exchange

It’s not clear at the moment how large the exchange’s customer base was, but what is clear is that somewhere in the region of $34 million have been transferred to a Binance-owned wallet.

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The exchange itself has had a bit of a controversial past. As recently as February this year, they had lots of negative press surrounding them and their CEO was questioned by local authorities.

The Axe Comes Down

It looks like that may have been enough for Kazakhstan to take a tougher stance, as they recently shut down the exchange after it was revealed that a considerable amount of money had moved through the exchange’s system.

In an official statement, the country’s Financial Market Regulatory Authority confirmed that the exchange had been shut down for ‘suspicious activities’. And who knows, maybe the $34 million was just enough of a red flag for them to take action.

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What Now?

It appears that a lot of the exchange’s customers’ funds have been frozen, meaning they’ll struggle to get their money back unless they can prove the money was acquired legally.

The interesting thing here is that the $34 million made it onto Binance without being caught – we’re guessing these guys must have known some serious loopholes. Good job they got caught though!

European & US Crypto Exchanges

It may seem like Kazakhstan is being strict on this one, but these sort of activities, if left unchecked, could cause major issues for exchanges based in Europe and the United States.

That’s why it’s good to see Kazakhstan clamping down on it. They’re setting a good example for other countries – take notice!

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The Takeaway

It’s illegal activity such as this which gives the crypto world a bad rep. The Kazakhstan government has taken it seriously, and set an example to the rest of the world.

Be sure to only interact with trustworthy exchanges and do your research – it’s for your own good [and your wallet’s too!]

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