Kazakhstan Jails Crypto Trader for 5 Years in Ongoing Crackdown on Illegal Activities

Kazakhstan continues its strict stance on crypto with a 5-year jail sentence for an illegal trader, signaling an intensified crackdown on unregistered exchanges and unauthorized mining.

Kazakhstan ongoing crackdown on illegal cryptocurrency activities has resulted in a significant legal action, with a court sentencing a trader to five years in prison. The unnamed individual was found guilty of illegally trading cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH), on foreign platforms, according to a statement from the nation’s Supreme Court and a report by Inform Buro.

In addition to the prison sentence, the court imposed a 10-year ban on the individual from engaging in any form of crypto-related activities, including issuing, trading, and digital mining. The court also ordered the confiscation of approximately $4.19 million in fiat and crypto assets from the convict, which will be transferred to the state treasury.

The court heard that the individual had been actively trading cryptocurrencies on various exchanges using platforms such as Nixmoney, Qiwi, Perfect Money, and Payeer between 2020 and 2022. The trader was also involved in illegal crypto mining, although the specific coins mined and the methods used were not disclosed during the trial.

Prosecutors revealed that the individual laundered part of his illegal earnings by purchasing real estate, which he subsequently sold and rented out. During the trial, the prosecution pushed for a six-year sentence, arguing that the miner’s illegal business activities warranted two and a half years in prison, with an additional four years for money laundering offenses. Despite denying all charges, the defendant, a resident of Kazakhstan’s Kostanay region, was handed a five-year sentence.

Kazakhstan’s stance on cryptocurrency has shifted dramatically in recent years. Once known for its liberal and progressive approach to crypto and mining, the country has adopted a much stricter regulatory framework following widespread blackouts in early 2022, which were partly blamed on the booming Bitcoin mining industry. Since then, the government has launched an aggressive campaign against illegal miners and unregistered crypto exchanges, mandating that all crypto-related businesses operate from the Astana International Financial Center.

As government authorities continue to expand their regulatory powers, Kazakhstan’s crackdown on unauthorized crypto activities appears set to intensify, with further legal actions expected against violators.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)