Binance has been authorized to operate in Uzbekistan through its partnership with COINPAY LLC, utilizing the entity’s official platform, coinpay.uz.
This move simplifies operations for users by enabling deposits and withdrawals in the Uzbekistani currency through local payment systems, enhancing convenience and accessibility.
Binance's focus on adhering to local regulations ensures a safe and compliant ecosystem that supports the growth of blockchain and cryptocurrency technologies.
"This milestone underscores Binance’s commitment to working closely with local authorities to foster a regulated, innovative environment for cryptocurrencies. We are excited to contribute to Uzbekistan’s crypto growth and its integration into the global economy," said Kyrylo Khomyakov, Binance’s Regional Head for Central and Eastern Europe, Central Asia, and Africa.
Advancing Uzbekistan's Crypto Ecosystem
The National Agency of Perspective Projects (NAPP) is a regulatory authority overseeing Uzbekistan's crypto-asset, capital markets, insurance, and e-commerce sectors. Reporting directly to the President, NAPP is dedicated to creating a globally competitive market that protects investors and attracts capital to boost economic growth and welfare.
This collaboration between Binance and NAPP strengthens Uzbekistan’s regulatory framework, enabling secure and compliant tools for cryptocurrency trading and investment while positioning the country as a forward-thinking hub for blockchain innovation.
What This Means for Uzbekistan's Crypto Sector
Streamlined Operations: Local payment system integration allows seamless fiat-to-crypto transactions.
Regulatory Assurance: Users gain confidence in a secure, compliant trading environment.
Economic Growth: The initiative aligns with Uzbekistan’s goal of leveraging blockchain to drive economic development.