Binance, one of the largest cryptocurrency exchanges globally, is gearing up to launch its services in Uzbekistan in collaboration with the licensed local provider “CoinPay”. This partnership aims to provide Uzbek residents with secure and regulated access to Binance’s platform, ensuring compliance with the country’s cryptocurrency regulations. Users will soon be able to deposit and withdraw funds in Uzbek soums via bank cards and national payment systems, marking a significant step in the country’s digital financial development.
Binance’s services will be accessed through CoinPay’s official platform, coinpay.uz, following the system’s integration with national payment networks. The official launch date will be announced on Binance and CoinPay’s platforms.
Binance’s Road to Compliance in Uzbekistan
Legal Dispute over Binance’s Regulatory Violations
In January 2024, NAPP announced its intention to file a lawsuit against Binance for failing to address ongoing licensing and regulatory requirements. Deputy Director Vyacheslav Pak stated:
“As expected, Binance refused to meet our demands, leaving us no choice but to pursue legal action. The court will decide the appropriate resolution.”
Pak also emphasized concerns over unregulated peer-to-peer (p2p) transactions, highlighting risks like money laundering and the trading of illicit assets. NAPP remains steadfast in its refusal to legalize p2p trading until robust oversight mechanisms are established.
Binance’s upcoming launch follows a history of regulatory challenges in Uzbekistan. In 2024, NAPP imposed a UZS99 mn ($7,293) fine on Binance for operating without a license and failing to meet local compliance standards. Violations included:
- Operating without a legal entity or servers in Uzbekistan.
- Providing services to Uzbek citizens without authorization.
- Facilitating transactions involving anonymous and criminal crypto assets.
The Tashkent Economic Court upheld the fine, which Binance has since paid, enabling the company to pursue its reentry into the market.
Summary of Uzbekistan’s Crypto Market Development
The past year saw significant growth in Uzbekistan’s national crypto-assets market, with NAPP issuing nine licenses to service providers and generating UZS36.2 bn ($2.9 mn) in government revenue
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