One of the world’s largest cryptocurrency exchanges, Binance, has received permission to operate in Uzbekistan.
Binance will operate in Uzbekistan through its local partner “COINPAY”, it says in an announcement by the country’s National Advanced Projects Agency (NAPP).
Binance returns to Uzbekistan
As part of cooperation with COINPAY, users from Uzbekistan will have access to Binance through the partner’s official platform – the website coinpay.uz. Residents of the country will have the opportunity to replenish and withdraw funds in the Uzbek sum through bank cards and national payment systems.
In accordance with local legislation, citizens and legal entities of Uzbekistan can buy, sell and exchange cryptocurrency only through national providers.
The launch of the Binance user service system through the COINPAY platform will be carried out after integrating all the necessary modules and connecting to national payment systems. The exact date is still unknown.
Past difficulties
Until the fall of 2023, users in Uzbekistan could already freely use Binance services. However, after the approval of the new procedure for licenses for working with cryptocurrencies, NAPP filed a lawsuit against the crypto exchange. The reason is to work in the country without the appropriate permit.
The trial lasted from March to June 2024. As a result, Binance was ordered to pay a fine. Now the NAPP emphasized that the trading platform has fulfilled all the requirements of the court.
After changes in legislation and the decision to impose a fine on Binance, another large crypto exchange, OKX, announced its departure from Uzbekistan. Representatives of the crypto platform did not disclose the exact reasons for their activities in the country. So far, nothing is known about the return of this trading platform.
Meanwhile, the USDT stablecoin issuer Tether is expanding in the republic. In March last year, the company entered into an agreement with regulators in Uzbekistan.
As part of cooperation with NAPP, Tether intends to develop blockchain infrastructure in the republic, and will also help it in creating a digital sum.
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Source: Cryptocurrency

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