A verdict has been issued in Almaty regarding the crypto exchange case: digital assets and a car have been confiscated

The FMA Department of Almaty has completed an investigation into the illegal circulation of digital assets without the required permits.

In September 2020, while still a minor, the suspect posted advertisements for exchange operations on the "Telegram" messenger and the "OLX" platform.

Since only adults are allowed to use the "Binance" crypto exchange, he asked his older brother to complete the verification process to create an account.

In 2021, he registered three additional accounts using the names of his relatives in order to split the transaction amounts and minimize the risk of account blocking.

As a result, from 2021 to 2024, he carried out illegal transactions involving digital assets totaling 5.6 billion tenge.

The service fee for exchange operations ranged from 0.5% to 2.5%.

With the illegally earned rewards, the suspect purchased a Mitsubishi car, which has been seized by court order.

The court found him guilty under Article 214, Part 2, Item 2 of the Criminal Code of Kazakhstan (illegal entrepreneurship involving particularly large-scale profits) and sentenced him to 2.5 years of restriction of liberty.

Additionally, digital assets worth 5,172 USDT and the Mitsubishi car were confiscated for the benefit of the state.

It is important to note that illegal crypto exchanges do not identify their clients or detect suspicious transactions. This is why their services are often used by criminals, particularly cybercriminals and drug dealers.

To remind you, in 2024, 36 illegal crypto exchanges with a total turnover of 60 billion tenge were shut down. Assets worth 4.8 million USDT (approximately 2.5 billion tenge) were frozen and confiscated.

According to the Law of the Republic of Kazakhstan "On Digital Assets," any activity related to the circulation of digital assets in the country requires a license.

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