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Kazakhstan has frozen 9.7 million USDT in connection with the RAKS Exchange cryptocurrency service case., 2026/04/29 12:40:49
The Financial Monitoring Agency of Kazakhstan (FMA) announced the freezing of over 9.7 million USDT in connection with the case involving the crypto service RAKS Exchange, which, according to the agency, is one of the largest in the CIS.
According to the regulator, the platform was utilized for illicit financial transactions and the laundering of proceeds obtained through criminal activities, including operations linked to drug trafficking and online fraud. The service facilitated transactions for more than 200 drug markets operating in Kazakhstan, Russia, Ukraine, and Moldova, with the platform’s total turnover exceeding $224 million.
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As reported by the FMA, RAKS Exchange was highly trusted within the shadow economy and collaborated with approximately 20 of the largest darknet platforms, boasting a combined user base of over 5 million individuals.
During the investigation, specialists analyzed over 4,000 cryptocurrency wallets associated with illegal activities and darknet platforms. Following the review, 3.2 million stablecoins were confiscated from the frozen 9.7 million USDT, as the agency confirmed the criminal origin of these funds, which were subsequently transferred to a special account of the FMA.
The investigation concluded in September 2025, at which point the authorities in Kazakhstan announced the cessation of the service’s operations. As a result of the operation, a channel linked to illegal drug trafficking was dismantled, the distribution infrastructure was destroyed, and the operations of several drug stores were halted.
Previously, the Almaty division of the Financial Monitoring Agency announced the initiation of an investigation against the company “Amir Capital.” The firm is suspected of establishing a fraudulent financial pyramid under the guise of attracting investments in cryptocurrencies.
