Coinbase Website Blocked by the Kazakh Government

The website of cryptocurrency exchange Coinbase has been blocked by the Kazakh government for alleged violations of the country's laws on digital assets. The officials from Kazakhstan's Ministry of Culture and Information confirmed the restriction on Tuesday.

This decision came after the implementation of the Law on Digital Assets by the government, which took effect in February 2023. The regulation prohibits the issuance and trading of digital currencies and crypto exchange activities without permission in the country.

Kazakhstan, known for its robust cryptocurrency mining industry, has particularly strict regulations on its cryptocurrency industry. Coinbase is not the only platform affected by these restrictions.

Previously, the New York Mercantile Exchange (NYMEX) website was also blocked by the country for allowing trading of cryptocurrency futures outside the jurisdiction of the AIFC, without obtaining a work permit from the Astana Financial Services Regulatory Committee (AFSA). AFSA is the independent regulator of the Astana International Financial Centre (AIFC) established under the Constitutional Statute to regulate financial services and related activities in the AIFC, a special economic zone in Kazakhstan.

Regulations on crypto industry are tightening around the world. In response to the heightened regulatory scrutiny surrounding the cryptocurrency industry, Coinbase has announced on Tuesday, November 7, the addition of four national security experts to its Global Advisory Council, including Mark Esper, former U.S. Secretary of Defense; Stephanie Murphy, former U.S. representative, policy expert, and businesswoman; Frances Townsend, former Counterterrorism and Homeland Security Advisor to President George W. Bush; and David Urban, who has more than three decades of experience in the military, law, business, politics and public service sectors.

The addition of these four members will support Coinbase as it navigates strategic decisions and an evolving landscape for crypto around the world.