Kazakhstan shut down 12 gray crypto exchanges and 36 dropper networks in the first half of 2026

Kazakhstan says it shut down 12 gray crypto exchanges and 36 dropper networks in the first half of 2026. For high-risk PSPs and crypto operators, that is a reminder that local AML enforcement is still aimed at cash-out infrastructure, not just the on-ramp.

1. The figure comes from Kazakhstan’s first-half-2026 enforcement activity: 12 gray crypto exchanges and 36 dropper networks were liquidated.
2. “Gray crypto exchanges” is the part that matters operationally. In practice, these are the off-ramp and cash-out nodes that help move funds outside formal controls, which is exactly where banks and PSPs tend to get uncomfortable.
3. The mention of 36 dropper networks points to account mule infrastructure, another familiar pain point for merchants in betting, adult, nutra, and crypto. When those networks get hit, the pressure usually lands on settlement flows, KYC/KYB scrutiny, and source-of-funds checks.
4. The source does not add more detail on the agencies involved, the enforcement mechanism, or which specific providers were affected. So the only hard fact here is the scale: 48 structures total, split between exchanges and dropper networks.