A court in Kazakhstan has jailed three crypto exchange operators, as the Central Asian nation steps up its crackdown on illegal crypto trading platforms.

Per an official report from the Kazakhstan government-run Financial Monitoring Agency (AFM), the court jailed the trio for between 2.5 and 3.5 years, with bailiffs confiscating assets worth $750,000.

Crypto Exchange Operators’ Houses, Cars Seized

The AFM said the three unnamed people operated a platform “without a license” and “exchanged cryptocurrencies for a fee.”

The trio reportedly used “unsecured digital assets,” operated crypto wallets, and “used funds received from crypto exchanges whose activities are prohibited in Kazakhstan.”

The AFM said the illegal exchange processed over $1.28 million worth of crypto transactions for some 380 customers. Prosecutors provided “customer” bank statements as evidence.

Bailiffs confiscated assets from the trio, “including real estate, five cars, a quad bike, and expensive computer equipment.”

Kazakh law requires crypto exchanges to obtain a license and base their activities in the Astana International Financial Center (AIFC).

International players like Binance and Bybit have successfully obtained permits. Several crypto mining players have also established offices in the AIFC.

Kazakhstan’s Crypto Crackdown

In October last year, the Kazakh Agency for Regulation and Development of the Financial Market announced plans to force banks to automatically block clients’ transfers to crypto exchanges who operate outside the AIFC.

The Kazakh government claims that illegal crypto exchangers are often “used by criminals.”

Per AFM figures, criminals used illegal exchange platforms to process $18.8 million worth of drug-related money in 2024.

Kazakhstan’s campaign against illegal crypto exchanges began to gather pace early last year. The AFM says that it closed down 19 illegal platforms in the first nine months of 2024.

It claims that these platforms’ total turnover amounted to around $60 million.

The AFM is also waging war against illegal crypto mining and citizens they suspect of carrying out “illegal crypto transactions.”

The agency and others have launched special crypto teams that have been granted the power to freeze wallets and seize coins from suspects.

Earlier this year, the AFM announced it had blocked citizens from accessing “more than 3,500 illegal online crypto exchanges.”

The post Kazakhstan Court Jails Crypto Exchange Operators as Crackdown Continues appeared first on Cryptonews.

Bitcoin price started a fresh increase above the $104,000 zone. BTC is consolidating above $105,000 and might aim for a new all-time high.

• Bitcoin started a decent increase above the $102,500 resistance zone.
• The price is trading above $104,500 and the 100 hourly Simple moving average.
• There was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it stays above the $103,500 support zone.

Bitcoin Price Regains Traction

Bitcoin price started a decent upward move above the $102,500 zone. BTC was able to climb above the $103,500 and $104,000 levels.

The bulls even pushed the price above the $105,000 level. Besides, there was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.

Bitcoin price is now trading above $104,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $107,000 level. It is close to the 76.4% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.

The first key resistance is near the $107,500 level. A clear move above the $107,500 resistance might send the price higher. The next key resistance could be $109,000.

A close above the $109,000 resistance might send the price further higher. In the stated case, the price could rise and test the $110,000 resistance level and a new all-time high. Any more gains might send the price toward the $112,500 level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $107,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $104,500 level. The first major support is near the $103,500 level.

The next support is now near the $102,800 zone. Any more losses might send the price toward the $100,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $104,500, followed by $103,500.

Major Resistance Levels – $107,000 and $108,500.