Kyrgyz MP says organized crime blocked 2019 binary options ban

September 12, 2026 at 11:48 AM2 min

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Kyrgyz MP Dastan Bekeshev said his 2019 bill to ban binary options stalled after first reading because organized crime groups influenced lawmakers. A new government bill is now set for first reading in the budget committee. Bekeshev supports the ban but says the enforcement mechanism needs revision.

Key Facts

Bekeshev introduced the binary options ban bill in 2019, and its consideration stretched over three years.
The bill passed first reading but was blocked before second reading due to organized crime influence on deputies.
A new government bill on banning binary options is now being prepared for first reading in the budget committee.
Bekeshev plans to propose amendments to the new bill, including identifying bank accounts of binary options platforms.
Bekeshev highlighted that virtual asset service providers cannot determine wallet ownership solely from a registry of banned sites.

Blocked Bill

Bekeshev introduced the bill in 2019, and its consideration stretched over three years. The bill passed first reading but was blocked before second reading because organized crime groups influenced deputies. Bekeshev did not name specific deputies or organized crime representatives.

New Government Bill

The budget committee is preparing to consider in first reading a new government bill banning binary options. Bekeshev supports the ban but believes the proposed enforcement mechanism needs revision. The draft provides for the Financial Supervision Authority to transfer information about binary options websites to the Prosecutor General's Office. Bekeshev argues that blocking resources alone is insufficient and that bank accounts of such platforms must be identified.

Enforcement Challenges

Bekeshev noted that virtual asset service providers cannot determine wallet ownership solely from a registry of banned sites. He called attention to bloggers who advertise such platforms by showing successful earnings on YouTube and TikTok. Bekeshev said people fall into these schemes not only due to lack of financial knowledge but also because of others' success stories and promises of quick income. He announced he will propose amendments to the bill.