The Financial Services Regulatory Committee of the Astana International Financial Centre (AFSA) has obtained a court injunction against the operators of seven crypto platforms. The ruling, issued on September 15, 2026, affects BingX, Bitcoin.com, Huobi Global (HTX), BitMart, Coinbase, LBank, and WEEX — platforms that provided digital asset services within the AIFC jurisdiction without the required license.
Legal basis for the ruling
The AFSA was established by Kazakhstan's Constitutional Law "On the Astana International Financial Centre" of December 7, 2015, and is vested with the authority to regulate digital asset activities. Under its mandate, the committee is required to ensure the integrity of the financial centre's regulatory environment and protect investor interests. When a company provides digital asset services without a license, this qualifies as a violation of AIFC legal norms, giving the regulator the right to apply to the AIFC Court for interim measures.
Which platforms were banned
Under the court ruling, the operators may not provide, offer, or advertise digital asset services in the AIFC without a license. The distribution of mobile applications for such services is also prohibited. LBank's operator independently blocked access to its services, after which, on September 18, the court, at the AFSA's request, amended the ruling and order — the company was removed from the list.
In parallel, the AFSA notified the National Bank and the Agency for Regulation and Development of the Financial Market of Kazakhstan about the illegal activities of these operators. This is necessary for supervisory measures to be taken within the agencies' powers — the goal is to ensure the platforms do not continue illegal operations and do not harm potential users.
How the AIFC built its work with crypto exchanges
A pilot project took place in 2022–2023: within its framework, a crypto-fiat channel was created between Kazakhstan's second-tier banks (commercial banks) and the financial centre's digital asset exchanges. A full-fledged ecosystem took shape by 2024, when digital asset exchanges began interacting with commercial banks. The main goal is a transparent, regulated, and controlled environment for digital asset transactions, as well as the protection of retail investors and market stability.
Next steps and rules for exchanges
The AFSA continues to crack down on unlicensed crypto platforms together with Kazakhstan's authorized state bodies, explaining to market participants the requirements of the law and the risks of such platforms. Legislative amendments came into force on May 1, 2026: since then, the AFSA's powers to suppress unlicensed activity have been limited to the AIFC jurisdiction, while the National Bank regulates such activity throughout the country. Crypto exchanges can operate legally in Kazakhstan only with a license from the authorized regulator — the specific body depends on the jurisdiction and the nature of the services.
Cryptalist analysis: The case demonstrates Kazakhstan's transition from pilot sandboxes to strict enforcement against global platforms, setting a precedent for the entire region. For the market, this is a signal of liquidity fragmentation: part of the retail flow will be redirected to locally licensed platforms, while major international exchanges will be forced to choose between obtaining a license and exiting the jurisdiction. Investors should take into account the growing regulatory risk when dealing with unlicensed platforms in the AIFC.