- The Kazakhstan government has banned cryptocurrency exchange Coinbase from operating within its jurisdiction.
- The exchange is no longer allowed to provide services.
- Coinbase is also entangled in a legal battle in the United States.
The cryptocurrency industry is currently experiencing a surge in regulatory oversight as financial watchdogs worldwide set new standards to guide the asset class. Prominent cryptocurrency exchange Coinbase is among those feeling the pressure, embroiled in a legal dispute with the U.S. Securities and Exchange Commission (SEC) for alleged securities law violations.
The exchange now faces scrutiny from the government of Kazakhstan, adding to its regulatory challenges.
Coinbase Blocked In Kazakhstan
According to a local report on November 7th, the Kazakhstan government announced the restriction of Coinbase from offering crypto services to local investors within Kazakhstan.
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The Kazakhstan Ministry of Culture and Information stated that Coinbase’s cryptocurrency trading services provision violated Kazakhstan’s cryptocurrency regulations.
“The Information Committee of the Ministry of Culture and Information received a request from the Ministry of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan with a request to block the Internet resource www.coinbase.com, which violates paragraph 5 of Article 11 of the Law of the Republic of Kazakhstan “On Digital Assets in the Republic of Kazakhstan.”
Users within the region can no longer access Coinbase’s website, and the exchange is prohibited from offering services within the region.
Read more on Coinbase’s recent expansions despite growing regulatory trouble:
Coinbase Targets Ireland as Preferred Hub for EU Expansion
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