😱 Uzbekistan 🇺🇿: Binance Enters the Crypto-Asset Market

😱 Uzbekistan 🇺🇿: Binance Enters the Crypto-Asset Market

Binance has signed an agreement with Uzbekistan's National Agency for Perspective Projects (NAPF) to offer its services in the country.

▶️ Licensed Operations: Binance will operate under cryptocurrency exchange license No CE#0004, issued by its local partner COINPAY LLC. Users can access services via the official website coinpay.uz. The use of external P2P platforms or other unauthorized services is prohibited and may result in legal consequences.

▶️ Local Currency Transactions: Customers will be able to deposit and withdraw funds in Uzbekistan's national currency through local payment systems.

▶️ Regulatory Challenges: Binance's journey to secure regulatory approval in Uzbekistan was not without hurdles. In January 2024, the company faced a lawsuit in a Tashkent court for alleged violations of local crypto-asset trading laws. Following a $8,535.89 USD fine, Binance successfully resolved the issues and normalized relations with the regulator.

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