ASTANA: The Financial Monitoring Agency of Kazakhstan (FIU) has prevented the illegal circulation of cryptocurrency in the Kostanay region, Trend reports via the agency.

“The FIU department in the Kostanai region has initiated pre-trial proceedings against two individuals for their involvement in the illegal trading of cryptocurrency. These individuals engaged in unlawful entrepreneurial activities from 2020 to the present, conducting transactions of unbacked digital assets on crypto exchange platforms, resulting in substantial income generation,” stated the report.

According to the information, to implement and attract customers, they created a crypto exchange website, through which any person could apply for the exchange of cryptocurrency.

During searches at the residences of these individuals, items confirming illegal activities were discovered and seized, including system blocks, laptops, cell phones with cryptocurrency exchange applications, the website of a cryptocurrency exchange, as well as login c
redentials for the exchange account.

The FIU stated that the suspects’ assets and funds in the crypto exchange accounts have been confiscated. The illicit proceeds from the sale of unbacked digital assets totaled nearly $1.35 million.

Source: Trend News Agency