Kazakhstan Court Orders Restrictions on Six Unlicensed Crypto Platforms

Kazakhstan has initiated regulatory action against six cryptocurrency platforms operating without the necessary licenses within the Astana International Financial Center (AIFC). The Astana Financial Services Authority (AFSA) secured a court order on September 15 from the AIFC Court, mandating that these platforms cease providing, offering, or advertising digital asset services within the AIFC.

The platforms affected by the court order are BingX, Bitcoin.com, HTX (formerly Huobi Global), BitMart, Coinbase, and WEEX. The ruling also extends to the distribution of their mobile applications through app stores, requiring Google and Apple to implement geographic restrictions on access to these services within Kazakhstan.

Initially, LBank was also included in the court’s order. However, following its voluntary action to block access for users in Kazakhstan, AFSA withdrew its claims against the platform, and LBank was removed from the ruling on September 18.

According to AFSA, this legal action follows months of efforts to address cryptocurrency services operating without authorization. The regulator explained that the rules are in place under the AIFC regulatory framework. AFSA reported that nine crypto platforms had previously voluntarily restricted access to their apps in the country, leading to the withdrawal of claims against them. Another seven platforms indicated their intention to apply for an AFSA license to operate digital asset trading facilities. The six platforms now subject to the court order are those that did not comply with these measures.

Kazakhstan has been actively developing its digital asset landscape. In May, the country introduced a digital asset framework that covers stablecoins, tokenized real-world assets, and digital versions of traditional financial instruments. This framework also established requirements for exchanges and other service providers. Two months later, President Kassym-Jomart Tokayev signed a decree aimed at further developing the industry. This decree includes plans for regulated stablecoins for cross-border payments, tokenized securities, and incentives to encourage the use of local regulated platforms for digital assets.

In related developments, Tether has begun exploring the possibility of a stablecoin pegged to the Kazakh tenge. This initiative is being undertaken in collaboration with the National Bank of Kazakhstan and Alatau City authorities, with studies on issuance models and a pilot proposal planned. Additionally, Kazakhstan’s government has approved a 65-measure plan that includes up to $60 million in tokenized Alatau projects by the end of 2026.

This enforcement action underscores Kazakhstan’s commitment to regulating its digital asset market, aligning with a global trend of increased scrutiny on crypto exchanges. The move demonstrates a proactive approach to ensuring compliance with licensing requirements and fostering a controlled digital asset ecosystem within the AIFC, while also signaling the country’s broader ambitions in developing its digital economy.

Why This Matters

The materials describe a narrow update: The AIFC Court granted AFSA’s claims, ordering six crypto platforms (BingX, Bitcoin.com, HTX, BitMart, Coinbase, and WEEX) to cease providing, offering, or advertising digital asset services within the AIFC. The specific details of the issuance models, blockchain, or launch date for the Tether-backed Kazakh tenge stablecoin remain uncertain.

Broader Context

Source materials place the factual news in this context: Kazakhstan introduced a digital asset framework in May, which covered stablecoins, tokenized real-world assets and digital versions of traditional financial instruments.