What is Freedom Holding Corp.?

Freedom Holding Corp. is an international investment and technology company organized under the laws of the State of Nevada and acts as a holding company for all of our subsidiaries.

Our subsidiaries engage in a broad range of activities including securities brokerage, securities dealing for customers and for our own account, market making activities, investment research, investment counseling, retail and commercial banking, and insurance products.

We also own several ancillary businesses and lifestyle solutions, which complement our core financial services businesses, including payment and information processing services, entertainment and travel ticketing services, e-commerce business, and telecommunications and media businesses in Kazakhstan that are in a developmental stage.

Who founded Freedom Holding Corp.?

The company was founded by Timur Turlov in 2008.

Our mission has always been to democratize access to financial markets for global customers. Our company was founded to provide access to the international capital markets for retail brokerage customers and has rapidly grown providing a world-class digital infrastructure that has led to innovative, integrated financial technologies that address customer needs in Kazakhstan, our home market, and dozens of other countries across Europe, Asia, and North America.

On which stock exchange are Freedom Holding Corp. shares traded?

Our common stock trades on the Nasdaq Capital Market under the symbol "FRHC".

Our common stock also trades on the KASE under the symbol "US_FRHC" and on the AIX under the symbol "FRHC".

Are the common shares of FRHC issued in paper or electronic form?

Ownership of shares are issued are evidenced in both paper certificate and book entry.

In which countries does Freedom Holding Corp. operate?

The main market of our operations is Kazakhstan. Our operating subsidiaries are located in 21 countries: Kazakhstan, Cyprus, the United States, the United Kingdom, Armenia, the United Arab Emirates, Uzbekistan, Kyrgyzstan, Tajikistan, Azerbaijan, and Turkey, and we also have a presence in Austria, Bulgaria, France, Germany, Greece, Italy, Lithuania, The Netherlands, Poland and Spain.

As of September 30, 2025, we had 10,348 employees and 232 offices (of which 42 offered brokerage services, 60 offered insurance services, 31 offered banking services and 99 offered other financial and non-financial services).

How is Freedom Holding Corp. related to Freedom Finance, Freedom Bank and Freedom24?

Freedom Finance Global, Freedom Bank Kazakhstan and Freedom 24 are subsidiaries of Freedom Holding Corp., forming part of its financial ecosystem.

Which licenses does Freedom Holding Corp. hold?
We, through our subsidiaries, held:

1. Brokerage licenses
  • in Kazakhstan issued by ARDFM and the Astana Financial Services Authority (the "AFSA"),
  • in Cyprus issued by the Cyprus Securities and Exchange Commission ("CySEC"),
  • in the United States issued by FINRA,
  • in Armenia issued by the Central Bank of Armenia,
  • in Uzbekistan issued by the Ministry of Finance of the Republic of Uzbekistan;
2. A banking license for foreign currency operations license in Kazakhstan issued by the ARDFM;
3. A banking license for corporate and retail banking services in Kazakhstan issued by the ARDFM (including for currency exchange operations);
4. Payment service provider in Kazakhstan is specially registered in such capacity with National Bank of the Republic of Kazakhstan, payment services providers in Uzbekistan and Kyrgyzstan hold licenses from the National Bank of the Kyrgyz Republic and the Central Bank of Uzbekistan, respectively;
5. A banking license in Tajikistan issued by the National Bank of Tajikistan.

Our U.S. broker-dealer subsidiary is subject to regulatory oversight by U.S. authorities, including the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA), with respect to its brokerage and investment advisory activities in the U.S.

In addition, following receipt of a principal approval by Turkey's financial regulatory and supervisory authority granted on January 9, 2025, we are in the process of obtaining a license to provide brokerage services in Turkey.
Is the company regulated in the United States and Europe?
We are subject to regulation from numerous regulators, which include, but are not limited to, the AFSA, the ARDFM, CySEC, OFAC and the SEC.

We have established and continue to enhance procedures designed to ensure compliance with applicable statutory and regulatory requirements, such as public company reporting obligations, regulatory net capital and capital adequacy requirements, sales and trading practices, potential conflicts of interest, anti-money laundering, privacy, sanctions and recordkeeping.
Is the Company part of the DTC FAST system?

Yes, we are part of the DTC FAST system.

How does Freedom Holding Corp. comply with AML/KYC and sanctions regulations?
FRHC all-in-one KYC/AML compliance suite include:
  • KYC and AML: ID verification, AML screening, and facematch checks for any jurisdiction.
  • Liveness technology: In-house facial biometrics for fast onboarding and continuous checks.
  • Video verification: Agent-assisted video verification built to comply with AMLD requirements.
  • Chargeback prevention: Verification of payment methods before transactions are made.
How does the company protect client data?
Freedom Holding Corp. uses multi-level data encryption, internal security protocols, and certified data centers. The company fully complies with GDPR and local privacy regulations.
Can I verify Freedom Holding Corp.'s licenses?
Yes. Official registration and license details of each Freedom entity are available on regulators’ websites (SEC, CySEC, AFSA etc).
Where can I access Freedom Holding Corp.'s financial reports?
Quarterly and annual reports are publicly available on the Investor Relations section and on the SEC’s EDGAR database.
Who is Freedom Holding Corp.'s independent auditor?

Our independent auditor is Deloitte LLP.

Who is Freedom Holding Corp.'s outside legal counsel?

Our corporate securities legal counsel is global law firm Morgan Lewis.

What are Freedom Holding Corp.’s latest financial results?
In the first half of FY2026 (April–September 2025), Freedom Holding Corp. generated $1.06 billion in revenue and $69.1 million in net income, with total assets reaching $10.3 billion and 6.2 million clients.
Why does Freedom Holding Corp. report consolidated results instead of separate statements for each subsidiary?
As a publicly listed holding, Freedom Holding Corp. consolidates the performance of its subsidiaries under international financial reporting standards (IFRS), ensuring consistent disclosure and comparability.
Who is Timur Turlov?
Timur Turlov is the Founder, CEO and major shareholder of Freedom Holding Corp. A Kazakh entrepreneur and philanthropist, he is also President of the Kazakhstan Chess Federation, President of the Karaganda Regional Football Association and actively supports education and digitalization initiatives.
Did Timur Turlov renounce his Russian citizenship?
Yes. Mr. Turlov officially renounced his Russian citizenship in 2022 and is now a citizen of the Republic of Kazakhstan.
Why does Freedom Holding Corp. identify as a Kazakh company?
Freedom’s headquarters, key operational infrastructure, and the majority of its clients are based in Kazakhstan, which has become the group’s primary jurisdiction and innovation hub.
Does Freedom Holding Corp. operate in Russia?
No. Freedom Holding Corp. fully exited the Russian market in 2023 and no longer conducts any operations or provides services in Russia.
What happened to Freedom Finance’s former Russian assets?
All Russian assets were divested to independent owners. Freedom Holding Corp. and its subsidiaries do not manage or control any entities in Russia.
Can Russian residents access Freedom’s services?
A non-resident can open a brokerage account in the Republic of Kazakhstan under the state eResidency program. This initiative, implemented with the support of the Presidential Administration and the Ministry of Digital Development, allows foreign citizens to conduct business and invest in Kazakhstan remotely, in full compliance with national legislation and international compliance standards.

After completing the compliance procedure, non-residents gain access to investment and banking products, including the issuance of Visa and Mastercard payment cards.
What about the Hindenburg Research publications?
Freedom Holding Corp. publicly responded to those materials, cooperated with regulators, and no violations were confirmed. The company continues to operate transparently, maintaining all regulatory licenses.

The independent members of the board of directors engaged law firm Morgan, Lewis & Bockius LLP and engaged forensic accounting firm Forensic Risk Alliance to conduct the external review and report on their findings. The review took place over a period of approximately four months and included document and data review, site visits to Kazakhstan and Cyprus, data analytics and testing work, and remote and in-person interviews of many senior management and employees of the Company and personnel at certain external advisers and counterparties of the Company. The review focused on the Company’s main operating subsidiaries that were the subject of the allegations as well as on the Company’s affiliate Freedom Securities Trading, Inc. (“FST Belize”). It was not possible to assess certain of the allegations in the Hindenburg Report because they were dated, vague, or lacking details.

The external review found generally that the allegations in the Hindenburg Report did not take account of important facts and were not supported by evidence.
How does Freedom Holding Corp. ensure transparency and investor trust?
Through audited financials, public reporting to the SEC, and adherence to the highest corporate governance standards.
Why does misinformation appear online about Freedom Holding Corp. or Timur Turlov?
As a publicly traded international company, Freedom Holding Corp. attracts attention from various sources. The company encourages readers to rely on official press releases and filings published on its website and the SEC database.
How are client funds and securities protected?
Our business is subject to extensive oversight by regulators around the world relating to, among other things, the fair treatment of customers, safeguarding of customer assets and our management of customer funds.

Freedom EU is subject to the European Union Markets in Financial Instruments Directive (“MiFID”) and/or related regulations and must, when holding balances belonging to customers, maintain segregated accounting of its own and customers’ assets, make adequate arrangements to safeguard the rights of customers and prevent the use of their funds and records in a way that ensures their accuracy.

Freedom KZ and Freedom EU are also required to maintain segregated accounting of its own and customers’ assets to safeguard against misuse. Freedom Global is also required to ensure that systems and controls in place ensure the effective protection of customer funds, including customer due diligence of the third parties that hold such funds as well as the framework of the laws and regulations that govern such third parties are appropriate.
How can I verify that a representative of Freedom Holding Corp. is legitimate?
All official communication comes from corporate domains (e.g., freedomholdingcorp.com, ffin.kz, freedomfinance.eu). The company never requests passwords or remote access to devices.
What is Freedom SuperApp?
Freedom SuperApp is a multifunctional digital platform that integrates investments, banking, insurance, payments and lifestyle services into a single mobile ecosystem.
What are the company’s AI initiatives?
Freedom Holding Corp. develops and deploys artificial intelligence across its financial products.

In 2025, the company partnered with NVIDIA and OpenAI to establish Kazakhstan’s National AI Center and to fund 165,000 ChatGPT Edu licenses for teachers.
Who is Freedom Holding Corp.'s transfer agent?

Our transfer agent is Pacific Stock Transfer, a Securitize Company, and their contact information is as follows:

Pacific Stock Transfer
6725 Via Austi Pkwy
Suite 300
Las Vegas, NV 89119
ipstc@pacificstocktransfer.com |
+1 (702) 361-3033

Where can I find official press releases and corporate statements?
All official materials are published on the News and Investor Relations sections of freedomholdingcorp.com and through the NASDAQ disclosure system.