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The Financial Monitoring Agency (AFM) of Kazakhstan has completed an investigation into a large cryptocurrency exchanger, the total volume of funds in which exceeded 15 billion tenge ($33.2 million).
As reported by AFM, Kuchukov A.V. and Sadyrov E.T. founded a large illegal service for exchanging cryptocurrencies for cash. They charged between 1.5% and 2.5% commission for exchanging digital assets. As part of the investigation, police managed to confiscate $22,894.5 in USDT, $328,000 in cash and about 7 million tenge.
The court sentenced Kuchukov to imprisonment for a period of 3 years with confiscation of property, and Sadyrov to 2 years and 6 months with confiscation of property.
In December, another Astana resident was arrested on similar charges. He exchanged cryptocurrencies daily, and the total amount of transactions exceeded 342 million tenge ($745,000).
As reported by AFM, Kuchukov A.V. and Sadyrov E.T. founded a large illegal service for exchanging cryptocurrencies for cash. They charged between 1.5% and 2.5% commission for exchanging digital assets. As part of the investigation, police managed to confiscate $22,894.5 in USDT, $328,000 in cash and about 7 million tenge.
The court sentenced Kuchukov to imprisonment for a period of 3 years with confiscation of property, and Sadyrov to 2 years and 6 months with confiscation of property.
In December, another Astana resident was arrested on similar charges. He exchanged cryptocurrencies daily, and the total amount of transactions exceeded 342 million tenge ($745,000).
