Kazakhstan shuts down Alem Credit for posing as crypto lender while issuing tenge loans
- —Alem Credit lacked a microfinance license but issued interest-bearing loans with mandatory repayment
- —Investigators identified accounts of 8 legal entities and 7 individuals linked to the platform
- —Kazakhstan has opened 19 criminal cases against illegal lenders this year, with 10 already sent to court
- —Access to Alem Credit's resources was restricted as authorities launch automated monitoring for clone sites
Why it matters: The case highlights how crypto branding is used to disguise illegal lending, adding to regulatory pressure on digital asset markets across the CIS.
Source: BeInCrypto RU