Freedom Holding
Corporate brand
UnclaimedFreedom Holding is a U.S.-registered financial-services conglomerate headquartered in Almaty, Kazakhstan, with businesses spanning brokerage, banking, insurance, investment banking, technology, payments, and consumer services.
Last updated August 31, 2026
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Overview
Freedom Holding Corp. is a diversified financial-services group registered in Nevada and headquartered in Almaty, Kazakhstan. Founded in 2008 by Timur Turlov, the group developed from a securities-brokerage business into a multi-sector financial and consumer-services platform focused primarily on the United States, Europe, Kazakhstan, and other Central Asian markets. Its core business is securities brokerage and trading. Through entities including Freedom Finance JSC, Freedom Finance Global, Freedom Finance Europe, Prime Executions, and related companies, the group provides retail and institutional customers with access to domestic and international securities markets. These include the Kazakhstan Stock Exchange, the Astana International Exchange, Nasdaq, the New York Stock Exchange, Cboe, CME, AMEX, the London Stock Exchange, Euronext, Hong Kong Exchange, and other European venues. The group's Tradernet platform supports digital account opening, trading, market information, and related investment services. Freedom expanded its financial-services scope through acquisitions and new licenses. Its Kazakh operations include Freedom Bank Kazakhstan, a digital-oriented bank created through the acquisition and renaming of Kassa Nova Bank; Freedom Finance Insurance; Freedom Finance Life; and advisory, technology, and capital-markets subsidiaries. The group has also entered investment banking and underwriting through Freedom Capital Markets, added U.S. brokerage capabilities through Prime Executions, and expanded its European presence through Freedom Finance Europe, later branded Freedom24. The company has pursued a broader digital ecosystem in Kazakhstan. Alongside brokerage and banking, its portfolio has included payment services through Paybox, ticketing through Ticketon and Aviata, online travel through Chocotravel, and e-commerce through Arbuz. Other activities include telecommunications, information technology, investment research, asset management, mortgages, consumer lending, insurance, and financial education. Freedom's historical geographic footprint included Russia and Ukraine, but the group announced its withdrawal from Russia in 2022 and completed the disposal of its Russian assets by February 2023. By the end of 2024, the company reported operations in 22 countries, with a particularly strong presence in Kazakhstan and neighboring Central Asian markets. Its Kazakh brokerages have been active as market makers and arrangers for local securities offerings, while its international platforms have marketed access to global stocks, exchange-traded funds, initial public offerings, and options. The group became a Nasdaq-listed company in 2019 under the FRHC symbol and subsequently pursued a cross-listing on AIX. It has also been included in several market indexes, including the AIX Qazaq Index. The company has attracted scrutiny from short seller Hindenburg Research, which in 2023 alleged weaknesses involving sanctions compliance and regulatory controls. Freedom rejected the allegations, and the independent review it commissioned concluded that the claims were unfounded; related matters were also examined by U.S. authorities. In addition to commercial activities, Freedom has positioned itself as a major corporate philanthropist in Kazakhstan through the Freedom Shapagat Foundation. Its stated areas of support include education, sport, flood relief, water infrastructure, and restoration initiatives connected with the Aral Sea. The group has also developed media, youth-sports, data-center, and technology projects, reflecting an effort to extend the Freedom brand beyond conventional financial services.
History
Freedom Holding was founded in 2008 by Timur Turlov. Its early development centered on securities brokerage and investment services, with an emphasis on connecting clients in the former Soviet Union and Central Asia to international capital markets. The group later adopted the Freedom Finance identity across much of its brokerage network. A major phase of regional expansion began in 2013. Freedom Finance established its Kazakh brokerage subsidiary, Freedom Finance JSC, and also created a European subsidiary, Freedom Finance Europe. The Kazakh business acquired Seven Rivers Capital, a local securities firm that had operated since 2006. In 2014, the company arranged the listing of Bank of America shares on the Kazakhstan Stock Exchange. In 2015, it became a market maker for securities including those of Kazakhstan's national power operator KEGOC. In 2016, it conducted an initial public offering for Aktobe Metalware Plant, a Kazakh industrial company. The group continued consolidating the Kazakh brokerage market. In 2017 it acquired Asyl-Invest, one of its local competitors. By that period, Freedom was acting as a market maker for a range of Kazakh, Russian, and international securities, including local companies, Russian blue-chip shares, and an S&P 500 exchange-traded fund. The corporate structure was also reorganized: BMB Munai was acquired and subsequently renamed Freedom Holding Corp., with Turlov becoming its majority shareholder. In 2015, Freedom Finance Europe obtained a full set of licenses from the Cyprus Securities and Exchange Commission. The group expanded into Uzbekistan in 2018, opening offices in eight cities and later supporting initial and secondary offerings for local manufacturing companies. These moves established Central Asia as the group's principal regional base while its European subsidiary provided a route to international clients and markets. Freedom Holding became publicly traded in October 2019 when its shares were approved for listing on the Nasdaq Capital Market under the symbol FRHC. The shares were also traded on Kazakhstan's KASE and AIX markets. The listing increased the group's visibility among U.S. investors and supported later inclusion in several equity indexes. The 2020s brought substantial diversification. In June 2020, the holding acquired Russian broker Zerich Capital Management after regulatory approval. In the same year, it purchased Kassa Nova Bank in Kazakhstan and later renamed it Freedom Bank Kazakhstan. The bank became a central component of the group's digital financial ecosystem, offering online lending, payment cards, mortgages, and other retail banking services. In 2021, Freedom completed the acquisition of U.S. broker Prime Executions, giving the group an initial operating foothold in the United States. It also acquired Ticketon, a ticketing platform, Paybox, a payment-services business, and the online supermarket Arbuz. Freedom Finance Europe obtained direct membership in Euroclear during this period, expanding its settlement and custody capabilities for European, British, and American markets. The group expanded its capital-markets capabilities in 2022 when its U.S. subsidiary Freedom Capital Markets obtained an underwriting license. That year, the holding changed its external auditor from WSRP to Deloitte. Freedom also acquired London-Almaty, an insurance company that was subsequently merged with Freedom Finance Insurance. Geopolitical and compliance issues shaped the company's next phase. In October 2022, Freedom announced that it would withdraw from Russia by selling its Russian assets to local management. The exit was completed by February 2023. In April 2023, the company announced the acquisition of all shares in Kazakh travel platforms Aviata.kz and Chocotravel from ChocoFamily Holding. It also completed the acquisition of LD Micro, a small-cap-company conference platform formerly owned by SRAX. In August 2023, Hindenburg Research published a report alleging that Freedom Finance had evaded sanctions and compliance rules. The allegations generated regulatory and reputational scrutiny, including examinations by the U.S. Securities and Exchange Commission and Department of Justice. Freedom rejected the report. According to the company's account, an independent legal review by Morgan, Lewis & Bockius and forensic review by Forensic Risk Alliance found the allegations unsupported. By 2024, Freedom Holding described itself as operating in 22 countries. Its businesses included brokerage, banking, insurance, investment banking, technology, payments, travel, ticketing, e-commerce, and telecommunications. Freedom Finance Europe was renamed Freedom24, while Freedom Finance Global expanded its international-market offering and became the first full member of the International Capital Market Association in Kazakhstan and Central Asia. The holding completed an AIX cross-listing in June 2024, and its shares entered the AIX Qazaq Index in October. The group's later initiatives extended beyond financial services. In 2025 it launched QalamBalam, a children's and youth media platform based on the Qalam media group, and began construction of the Freedom Cloud data center, intended to support data transmission between Europe and China through Kazakhstan. Through the Freedom Shapagat Foundation, the group has also supported education, sport, flood relief, water infrastructure, and Aral Sea restoration. These activities illustrate the brand's transition from a brokerage name into a broader corporate ecosystem centered on financial access, digital services, and regional infrastructure.
- 2025
QalamBalam and Freedom Cloud initiatives
[1]The group launches the QalamBalam youth-media platform and begins construction of the Freedom Cloud data center.
- 2024
AIX cross-listing completed
[1]Freedom Holding completes a cross-listing on AIX and later joins the AIX Qazaq Index.
- 2023
Russian exit completed
[1]The holding completes its announced withdrawal from Russia.
- 2022
Underwriting license obtained
[1]Freedom Capital Markets receives authorization to conduct underwriting activities.
- 2021
U.S. brokerage entry
[1]Freedom completes the acquisition of Prime Executions, marking its initial entry into the U.S. brokerage market.
- 2020
Banking platform added
[1]The group acquires Kassa Nova Bank and later rebrands it Freedom Bank Kazakhstan.
- 2019
Nasdaq listing
[1]Freedom Holding Corp. begins trading on the Nasdaq Capital Market under FRHC.
- 2018
Entry into Uzbekistan
[1]Freedom Finance enters Uzbekistan and establishes offices in eight cities.
- 2017
Asyl-Invest acquired
[1]Freedom acquires Kazakh broker Asyl-Invest as part of its local consolidation strategy.
- 2015
European licensing completed
[1]Freedom Finance Europe obtains a full set of licenses from CySEC.
Products and positioning
A digitally oriented, Central Asia-centered financial ecosystem combining retail investment access, banking, insurance, capital-markets services, and selected consumer platforms.
Securities brokerage · 2013
Freedom Finance brokerage
Freedom Finance provides retail and other customers with access to securities trading, investment research, market information, and related capital-markets services. Its Kazakh operation has acted as a market maker for securities listed on KASE and AIX and has introduced shares of major international companies to the Kazakh market.
Trading technology
Tradernet
Tradernet is the group's proprietary digital platform for brokerage customers. It supports access to multiple domestic and international exchanges and is used for account management, trading, and investment information.
Digital banking · 2020
Freedom Bank Kazakhstan
Freedom Bank Kazakhstan was created through the acquisition and renaming of Kassa Nova Bank. Its offering includes multicurrency and investment cards, online lending, digital mortgages, payments, and other retail banking products.
European brokerage · 2013
Freedom24
Freedom24 is the later brand identity of Freedom Finance Europe. It offers access to global equities and other instruments across European and international exchanges, including venues in London, Frankfurt, Paris, Milan, Madrid, Vienna, and Athens.
International brokerage · 2020
Freedom Finance Global
Freedom Finance Global is a Kazakhstan-registered broker offering access to international markets, including U.S., European, Hong Kong, Kazakh, and other exchanges. Its services include international equities, IPO access, and options trading.
General insurance · 2018
Freedom Finance Insurance
Freedom Finance Insurance provides general insurance products in Kazakhstan. The business, formerly known as Trust Insurance, has offered digital policy services and online motor insurance and later incorporated the acquired London-Almaty insurance company.
Life insurance · 2018
Freedom Finance Life
Freedom Finance Life operates in Kazakhstan with savings life insurance, travel insurance, and pension-annuity products. The company has used the Freedom brand since 2018.
Payments
Paybox
Paybox is a payment-services business acquired by Freedom Holding as part of the group's expansion into digital consumer services and transaction infrastructure.
Online travel · 2023
Aviata and Chocotravel
Aviata.kz and Chocotravel are online travel and ticketing services acquired in Kazakhstan. Their inclusion broadens the Freedom ecosystem into digital travel distribution and consumer platforms.
Ticketing · 2021
Ticketon
Ticketon is an online ticket-sales and events platform acquired by Freedom Holding in 2021, extending the brand into entertainment and consumer transactions.
Controversies
2023
Hindenburg Research compliance allegations
Hindenburg Research published allegations that Freedom Finance had avoided sanctions and compliance requirements. Freedom rejected the claims. The company said independent legal and forensic-accounting reviews found the allegations unfounded, while related matters were examined by U.S. authorities.
Marketing campaigns
- 2025Freedom JFL
Kazakhstan
Freedom JFL is a youth-football initiative associated with the holding's sports and community activities.
Outcome. The project was recognized with a national sports-organization award in 2025, according to the reference material.
- 2024Kazakhstan flood relief and social sponsorship
Kazakhstan
Freedom directed charitable and sponsorship activity toward flood relief, education, sports, and other community needs in Kazakhstan.
Outcome. The initiatives formed part of the group's broader corporate-philanthropy program.
- 2021Freedom Shapagat Foundation initiatives
Kazakhstan
The Freedom Shapagat Foundation became a vehicle for the group's charitable work in education, sport, environmental projects, and community support, including initiatives connected with restoration of the Aral Sea ecosystem.
Outcome. The foundation continued supporting environmental and social projects, including water-related infrastructure and community programs.
Brand decisions
2024
AIX cross-listingOtherBackground
The group sought to deepen its connection with Kazakhstan's capital markets and regional investors.
Action taken
Freedom Holding completed a cross-listing of its securities on the Astana International Exchange.
Aftermath
The shares were subsequently included in the AIX Qazaq Index.
2023
Acquisition of Aviata.kz and ChocotravelM&ABackground
Freedom continued expanding its Kazakhstan-based digital consumer ecosystem beyond finance.
Action taken
The company acquired all shares in Aviata.kz and Chocotravel from ChocoFamily Holding.
Aftermath
The transaction added online travel and ticketing capabilities to the group.
Transaction value. $32.3 million (Announced April 24, 2023)
2022
Withdrawal from RussiaStrategyBackground
The group's Russian operations faced a changed geopolitical and sanctions environment.
Action taken
Freedom announced the sale of its Russian assets to local management and completed the exit by February 2023.
Aftermath
The group reduced its direct Russian exposure and concentrated more heavily on Kazakhstan, Central Asia, Europe, and North America.
2021
Acquisition of Prime ExecutionsM&ABackground
Freedom sought direct operating capabilities in the U.S. brokerage market.
Action taken
The holding completed the acquisition of American broker Prime Executions.
Aftermath
The transaction marked Freedom's initial entry into U.S. brokerage operations.
2020
Acquisition of Kassa Nova BankM&ABackground
The group wanted to add banking capabilities to its brokerage-centered business.
Action taken
Freedom acquired Kassa Nova Bank in Kazakhstan and later renamed it Freedom Bank Kazakhstan.
Aftermath
Banking became a core part of Freedom's integrated digital financial ecosystem.
2019
Nasdaq public listingOtherBackground
Freedom Holding sought greater access to international capital markets and public-market visibility.
Action taken
The company listed on the Nasdaq Capital Market under FRHC.
Aftermath
The listing established FRHC as the group's principal U.S. public-market identifier.
Recent events
Reported
Freedom Holding completes acquisition of Prime Executions[2]
Freedom Holding Corp. announced the successful completion of its acquisition of Prime Executions, Inc. The company said the acquisition marked its initial entry into the U.S. markets.
Freedom Holding completes Prime Executions acquisition[3]
Freedom Holding announced that it had completed its acquisition of Prime Executions. The company said the acquisition marked its initial entry into the U.S. markets.
Reported
Freedom Holding announces acquisition of Kassa Nova Bank[4]
Freedom Holding Corp. announced that it would acquire Kassa Nova Bank through Freedom Finance JSC. The transaction was awaiting approval from two Kazakhstani regulators, and closing prerequisites were expected to be met by year-end.
Reported
Freedom Holding Corp. completes acquisition of IC ZERICH Capital Management[5]
Freedom Holding Corp. announced that it had concluded its acquisition of Russian brokerage firm IC ZERICH Capital Management JSC following approval from the Russian Federal Antimonopoly Service.
Reported
Freedom Holding completes purchase of a 20% stake in Ukrainian Exchange[6]
Freedom Holding Corp. announced that it had completed the purchase of a 20% equity stake in Ukrainian Exchange, JSC, headquartered in Kyiv, Ukraine.
Sources6 sources
- 1Freedom Holdingen.wikipedia.org
- 2Freedom Holding 完成对 Prime Executions 的收购finanznachrichten.de
- 3Freedom Holding完成对Prime Executions的收购bignewsnetwork.com
- 4Freedom Holding宣布收购Kassa Nova Bankkz.kursiv.media
- 5Freedom Holding Corp. 完成对 IC ZERICH Capital Management 的收购finance.yahoo.com
- 6Freedom Holding完成收购乌克兰交易所20%股权finanznachrichten.de
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