Legal Action Against Cryptocurrency Platforms
The Astana International Financial Centre (AIFC) court in Kazakhstan has taken substantial action against six cryptocurrency platforms, including Coinbase and BingX, by issuing prohibitions on their operations within the country without the necessary licenses. The ruling extends to restrictions on their availability in app stores, effectively limiting access for users in the region.
Background of the Ruling
Released on September 15, the court’s orders followed legal action initiated by the Astana Financial Services Authority (AFSA). The AFSA highlighted concerns that these platforms were providing digital-asset services unlawfully, lacking critical protections for their users. AFSA CEO Evgeniya Bogdanova emphasized that the authority has been actively engaged in monitoring and regulating crypto activities, identifying over 20 platforms in violation of AIFC regulations as of 2025.
Concerns Over User Protection
Notably, the operators of these platforms do not provide safeguards such as asset protection, proper disclosures, and mechanisms for handling disputes — fundamental assurances that licensed entities must uphold. After three days post-injunctions, the case against LBank was dropped, as its operator had proactively barred access to its services in Kazakhstan.
Broader Regulatory Context
In a broader context, this legal enforcement aligns with the Kazakhstan National Bank’s oversight of digital-asset service providers outside the AIFC framework, aiming to protect consumers from unregulated operators. Furthermore, Cointelegraph previously reported ongoing efforts by the country’s Financial Monitoring Agency, which blocked approximately 1,000 cryptocurrency exchanges due to similar registration issues this year.
Response from Other Platforms
The AFSA has indicated that nine other platforms proactively limited their app accessibility in response to these regulatory pressures, with seven expressing interest in obtaining proper licenses. As a result, the AFSA rescinded its claims against these compliant platforms while maintaining its focus on the remaining six, which must adhere to the court’s restrictions.
