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The Republic of Kazakhstan’s watchdog over cryptocurrencies and their activities has just taken major action against the crypto exchanges.
The reports revealed that it is Kazakhstan’s Financial Monitoring Agency (FMA) that has decided to take action against the cryptocurrency exchanges operating in the country.
The dismantling of the FMA is ongoing and it is only for those who are involved in illegal activities pertaining to cryptocurrencies.
Kazakhstan Shuts Down Illegal Crypto Activities
According to the Republic of Kazakhstan, no entity is supposed to be involved in the illegal exchange of cryptocurrencies.
Any entity facilitating such transactions would be equally responsible for the illicit activities. This could mean that they will be liable for legal actions and strict punishments if found guilty.
The FMA Dismantles a Particular Group
The Financial Monitoring Agency has started doing its work by taking down a group involved in the exchange of cryptocurrencies in an illegal manner.
The authorities have confirmed that the particular group was involved in the exchange and processing of cryptocurrencies through illegal channels and ways.
As per the investigation report, these culprits had been doing this with the help of multiple websites.
Some of the websites include kz-exchange.com, wm007.kz, kazobmen.ru, 1wm.kz, and kzobmen.com.
The FMA Carried Out Thorough Investigations
The authorities have confirmed that they had carried out their operation in the region of Kostanay.
The local authorities also contribute to the investigation and they expanded their search to six locations from one.
From the search operations, they were able to seize the items that confirmed that the evidence they had was used for moving illegal funds in the form of cryptocurrencies.
The teams confirmed that they were able to seize flash memory sticks, cell phones, and even laptops. In addition to that, the officials confirmed that they had also retrieved different kinds of accounting documents from the office.
Allegations by the FMA
The FMA has claimed that they have somewhat of an idea about the kind of funds and income the online exchangers get.
The funds they have witnessed the online exchangers of the particular group are much higher than the likes of other online exchanges.
The incomes that these exchangers have received are easily considered large-scale. Although the regulator did talk about the enormity of the incomes of the exchangers, it refrained from revealing the amount.
The regulatory authority is yet to reveal the amount that had been paid to the organizers of the exchangers working online.
The regulator has not even confirmed how many people they have arrested in the particular group. The regulator is dealing with things quite smartly and it is able to create confusion among the people who may be in hiding.
The individuals that the regulator has arrested for being involved in illicit crypto activities are yet to have their identities revealed by the regulator.
Information Gathered by the Investigators
Although the regulator is not sharing any information on the matter, the investigators have come up with their individual data gathering.
An investigator has confirmed that the group was involved in using not just one but several cryptocurrency wallets. The criminals had been using the cryptocurrency wallets offered by the Binance exchange.
It is the largest crypto exchange in the entire world. The combined value of the funds that the culprits committed to transacting illegally was worth $6,000.
After it was established that these wallets were indeed used by the group members, the authorities ensured that access to these crypto wallets is revoked at the earliest.
In addition to the 6,000 worth of funds, it has been revealed that other cryptocurrency exchanges also held many funds.
The research has confirmed that the particular exchanges reportedly had more than $200,000 worth of funds that were held by the group.
Statement by the FMA
According to the financial authority, none of the firms are permitted to process cryptocurrency transactions until they are authorized.
The firms need to acquire the proper license from the AIFC before they can start offering and transacting cryptocurrencies.
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