Kazakhstan court bars Coinbase, five others from unlicensed crypto services in Astana International Financial Centre

Introduction

Kazakhstan’s Astana International Financial Centre (AIFC) has taken a decisive step to enforce its crypto licensing regime. A court injunction, issued at the request of the Astana Financial Services Authority (AFSA), prohibits Coinbase and five other exchanges from offering or marketing unlicensed digital‑asset services to users located inside the AIFC. The order is narrowly scoped to the financial hub and does not constitute a nationwide ban.

What the injunction covers

The court ruling targets the following platforms:

• Coinbase
• BingX
• Bitcoin.com
• Huobi Global (HTX)
• BitMart
• WEEX

The injunction bars these firms from:

1. Providing any crypto‑related services (trading, custody, staking, etc.) without an AIFC licence.
2. Marketing such services to users physically present in the AIFC.
3. Distributing mobile applications that facilitate the prohibited services within the centre.

The order also references Apple and Google as app‑store operators, indicating that the regulator may pursue further steps to ensure compliance, though no separate injunction against the tech giants was issued at this stage.

Context and enforcement timeline

AFSA’s crackdown began in 2025 with formal warnings to more than 20 crypto platforms operating in the AIFC. When the entities failed to obtain the required licences, the regulator escalated to court action in early 2026. The September 15 judgment, delivered by Justice Sir Stephen Richards, emphasized that the injunction applies only to the AIFC’s jurisdiction. Consequently, users outside the centre—throughout the rest of Kazakhstan—remain unaffected.

A notable development was the removal of LBank from the original list after it addressed AFSA’s concerns and blocked Kazakh access to its services. This illustrates that compliance can reverse the regulator’s stance, offering a pathway for other platforms to regain access.

Implications for the market

• For exchanges: The ruling underscores the importance of securing local licences before targeting specific financial zones. Platforms that ignore the AIFC’s regulatory framework risk legal action and loss of market access.
• For investors: Users inside the AIFC will need to shift to licensed providers or operate from outside the centre. The restriction may temporarily reduce liquidity for the barred platforms within the hub.
• For regulators: The case demonstrates Kazakhstan’s willingness to enforce its crypto licensing rules selectively, using the AIFC’s distinct legal system to set a precedent without disrupting the broader national market.

Practical next steps

1. Licensed platforms should highlight their compliance status to attract AIFC users seeking legitimate services.
2. Unlicensed exchanges must either obtain an AIFC licence or restrict their offerings to users outside the centre to avoid further legal exposure.
3. App‑store operators should monitor AFSA communications to anticipate any additional requirements for hosting crypto‑related apps.
4. Investors and traders based in Astana should verify the licensing status of any platform they use and consider alternative venues if needed.

--- The AIFC injunction is a clear reminder that regulatory compliance remains a cornerstone of operating in emerging crypto markets. While the ban is limited in geographic scope, its impact on market participants within Kazakhstan’s premier financial hub is immediate and significant.