Kazakhstan just gave six crypto platforms a choice: get licensed or get out. The Astana International Financial Centre (AIFC) Court of First Instance has barred Coinbase, BingX, Bitcoin.com, HTX (formerly Huobi Global), BitMart and WEEX from offering or marketing digital asset services in the country without permission from local regulators.
Nine other crypto platforms saw where this was heading and quietly locked their apps for Kazakh users. That move persuaded the regulator to drop its claims against them.
What the court actually ordered
The AIFC court issued a default judgment on September 15, 2026. A default judgment is a ruling made without the defendants mounting a defense in court. In other words, the platforms did not show up to argue their side.
The order prohibits the six operators from providing or promoting digital asset services to users in Kazakhstan or within the AIFC. The exception is if they obtain explicit authorization from the Astana Financial Services Authority (AFSA), the financial regulator for the AIFC.
The operators are also jointly on the hook for the claimant’s legal costs, which came to approximately KZT 2 million.
The original judgment also named LBank. However, the exchange was removed from the list after a variation order dated September 18, 2026, leaving six platforms under the injunction.
The law behind the crackdown
The ruling enforces Kazakhstan’s 2023 Law on Digital Assets. Under that law, only entities licensed within the AIFC can carry out activities involving unsecured digital assets. Binance Kazakhstan and Bybit Kazakhstan are examples of licensed operators already working within that system.
This is not Coinbase’s first run-in with Kazakh authorities. The exchange faced access restrictions in the country as early as 2023 over similar regulatory non-compliance.
What this means for exchanges and users
The most immediate winners are the licensed operators. When competitors are legally pushed out, Binance Kazakhstan, Bybit Kazakhstan and other AFSA-authorized platforms stand to capture users who previously traded elsewhere.
For traders in Kazakhstan, the practical effect is fewer choices. Users of the six named platforms may find services restricted or withdrawn. Those who want to keep trading will likely need to migrate to licensed venues, along with whatever onboarding and verification requirements come with them.
Coinbase is the name most likely to draw attention. The company has positioned itself as a compliance-first exchange, especially in its home market. Landing on a list of unlicensed operators in another country is an awkward look, even if the stakes in Kazakhstan are small relative to its global business.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.