March 22, 2023

leading cryptocurrency exchange. However, the FMA has blocked these wallets as part of the ongoing investigation.

According to the FMA, ABS Change processed almost $34 million in transactions through its platform since its inception. The exchange was reportedly popular among local investors due to its low fees and ease of use. However, its illegal status meant that it was not subject to any regulatory oversight, leaving investors vulnerable to potential fraud and money laundering.

The FMA has warned investors to be cautious when dealing with unlicensed cryptocurrency exchanges, as they pose a significant risk to their financial security. The agency has also urged other countries to take similar action against illegal crypto trading platforms to protect their citizens from financial crimes.

This latest crackdown on illegal crypto trading in Kazakhstan follows similar actions taken by other countries, including China and India. The global regulatory crackdown on cryptocurrency has intensified in recent months, with authorities seeking to curb the use of digital assets for illicit activities.

Despite the risks associated with unlicensed crypto trading, the popularity of cryptocurrencies continues to grow. Many investors see digital assets as a viable alternative to traditional investments, such as stocks and bonds. However, the lack of regulation in the crypto market means that investors must exercise caution and do their due diligence before investing in any cryptocurrency.

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