Binance, which was fined last year, is set to begin operations officially in Uzbekistan

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Binance, one of the world’s largest cryptocurrency exchanges, is set to officially launch its services in Uzbekistan. This announcement was made by the National Agency for Promising Projects, which oversees new initiatives in the country.

According to reports, Binance will operate in Uzbekistan in compliance with local laws through “CoinPay” LLC, a licensed service provider in the field of crypto-asset circulation. CoinPay holds the necessary licenses to conduct crypto-exchange and crypto-wallet activities.

Uzbekistan residents will be able to access the Binance platform via CoinPay’s official resources (coinpay.uz). Additionally, users will have the ability to deposit and withdraw funds in the national currency using bank cards and local payment systems.

In January 2024, the National Agency for Promising Projects imposed a fine on Binance for violating Uzbekistan’s regulations concerning crypto-asset turnover. The case was forwarded to the Tashkent City Economic Court. After a trial that spanned from March 26 to June 7, 2024, with Binance’s legal representatives present, the court ruled in favor of the agency. The exchange was ordered to pay a fine equivalent to 300 base calculations to the state budget, in accordance with Uzbek law. Binance has confirmed it fully complied with the court's ruling and settled the fine as required.

The agency also reminded the public of a key regulation under Presidential Resolution No. PP-3832, dated July 3, 2018. As of January 1, 2023, all crypto-asset transactions in Uzbekistan must be conducted through national providers, in line with established legal procedures.

"In this regard, we strongly urge citizens to comply with the requirements of the law and carry out operations with crypto-assets only through national providers. We also remind you that the use of crypto-assets as an object of purchase and its consequences is the personal choice of the buyer," the report says.

In a separate incident, a 26-year-old man was detained for five days in Tashkent for engaging in cryptocurrency transactions without the proper documentation. This highlights ongoing efforts by authorities to regulate the use of crypto-assets in the country.