Binance Secures Regulatory Green Light to Serve Uzbekistan Residents

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January 17, 2025 by Mishal Ali

Key Takeaways:

Binance now authorized to serve Uzbek residents through COINPAY LLC under a licensed framework.
Users can deposit and withdraw in the national currency via local payment systems.
Partnership with Uzbekistan’s NAPP reinforces Binance’s commitment to regulatory compliance.

Binance has achieved a pivotal milestone, officially gaining authorization to provide cryptocurrency services to residents of Uzbekistan. This development follows the recent agreement with the National Agency of Perspective Projects, NAPP, the inauguration of the country’s crypto regulation body. It will operate within this license framework on crypto exchange license No CE#0004, issued to COINPAY LLC.

#Binance is now able to provide services to Uzbekistan residents! 🇺🇿

This milestone comes after an agreement with the National Agency of Perspective Projects (NAPP) of the Republic of Uzbekistan. It underscores our commitment to regulatory compliance and fostering a safe,… pic.twitter.com/cszKUrNAaX

— Binance (@binance) January 17, 2025

The residents of Uzbekistan now can finally use the Binance services via the dedicated web platform of COINPAY LLC – coinpay.uz, which supports deposit and withdrawal in the national currency using local systems of payments that make crypto transactions easy and seamless for the end users in the region.

Kyrylo Khomyakov, Binance’s Regional Head for Central and Eastern Europe, Central Asia, and Africa, emphasized the importance of this milestone, stating:

It highlights our dedication to working closely with local authorities to ensure full regulatory compliance and create a safe and innovative environment for cryptocurrencies and blockchain technologies globally. We are excited to continue our operations in Uzbekistan and contribute to the growth and development of the crypto industry in the region.

Binance Partnership and Financial Sector Modernization

The NAPP has been very much at the center of Uzbekistan’s crypto space. As the country’s digital assets, capital markets, insurance, and e-commerce regulator, it hopes to establish an internationally recognized market framework.

In developing the market framework, the agency collaborates with experts and keeps lines open with all stakeholders for protection and economic growth. The fact itself that this is a partnership with Binance indicates that Uzbekistan is serious about renewing its financial sector in the context of the shifting global economy.

It is also important to highlight that active work by NAPP has made it possible to eliminate bureaucratic obstacles and polish the procedures, which previously barred or hampered striking a deal that could give a fillip to local innovation and investments.

A Step Toward a Regulated Future

Binance’s appearance in Uzbekistan is one of the big steps taken so far in creating a robust and regulated ecosystem for cryptocurrency mass circulation within Central Asia. Such a partnership with COINPAY LLC will, in turn, further strengthen substantial grounds for wider blockchain technology adoption due to the possibility of secure and compliant means of trading and investment.

As Binance grows globally, so does its partnership with regulatory authorities in Uzbekistan to ensure a shared goal of creating safety and access to crypto solutions. This also means not just helping the native users but also giving the next footprint on how their future regulatory engagement will go in emerging markets.

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