The Astana International Financial Center (AIFC) Court has issued an order restricting six unlicensed cryptocurrency exchanges—including Coinbase, HTX (formerly Huobi Global), BingX, BitMart, Bitcoin.com, and WEEX—from providing, offering, or advertising digital asset services in Kazakhstan.
Court Order Targets Six Global Crypto Exchanges
The court ruling granted claims brought by the Astana Financial Services Authority (AFSA) on September 15, barring the six platform operators from offering digital asset services within the AIFC without a formal license. The restriction extends to mobile application distribution, ordering Google and Apple to implement geographic access restrictions across the Google Play Store and Apple App Store.
This legal action follows formal written warnings issued by AFSA to more than 20 platforms throughout 2025. In early 2026, the regulator escalated enforcement against non-compliant services by taking them to court. Nine crypto platforms voluntarily restricted access to their mobile applications in the country, leading AFSA to withdraw its legal claims against them. Another seven platforms indicated their intention to submit applications for an AFSA digital asset trading license.
While LBank was initially named in the court proceedings, the AIFC Court removed the exchange on September 18 after its operator independently blocked local access. Meanwhile, exchanges like LBank have expanded TradFi trading services globally as market participation grows.
Kazakhstan Expands Its Regulated Framework
Enforcement actions arrive alongside state-level efforts to build out Kazakhstan's legal crypto ecosystem. In May, the government introduced a comprehensive digital asset framework covering stablecoins, tokenized real-world assets (RWAs), and digital financial instruments. Two months later, President Kassym-Jomart Tokayev signed a decree promoting regulated stablecoins for cross-border payments and encouraging tokenized securities trading.
Additionally, Tether has begun evaluating a Kazakh tenge-pegged stablecoin under a collaborative agreement with the National Bank of Kazakhstan and Alatau City authorities. Kazakhstan's government has also authorized a 65-measure plan that targets up to $60 million in tokenized Alatau projects by the end of 2026.
Key Takeaways
- Six exchanges restricted: Coinbase, HTX, BingX, BitMart, Bitcoin.com, and WEEX face operational bans without AFSA licenses.
- App store enforcement: Apple and Google must geographically restrict mobile app downloads for non-compliant platforms.
- Voluntary compliance: Nine platforms self-restricted access, seven plan to apply for licenses, and LBank was removed on September 18 after blocking local access.
- State tokenization target: Kazakhstan aims to launch up to $60 million in tokenized Alatau projects by 2026.
Why It Matters
Kazakhstan's targeted legal enforcement against major international platforms illustrates a broader global pattern where national regulators demand strict localized registration over offshore operations. By cutting off access to unlicensed exchanges while simultaneously advancing state-backed stablecoin pilots and tokenized asset initiatives, the government is deliberately channeling market activity into its regulated AIFC framework. For international crypto operators, regulatory compliance is increasingly becoming a mandatory requirement for retaining access to emerging regional markets.
