Binance cleared to operate in Uzbekistan via a local partner

Crypto exchange Binance and Uzbekistan’s NAPP have signed an agreement for the platform to operate in the country via a local partner — Coinpay.

In November 2023 Coinpay obtained a digital-asset service provider licence. It will use its website to provide Uzbekistan residents with access to Binance.

“Users will be able to deposit and withdraw funds in the national currency using bank cards and national payment systems,” NAPP said.

The system will go live once integration of all partner platform modules is complete.

Last year Binance paid a fine of 300 basic calculation units (102m soums as of June 2024) to the state budget for violating local rules on crypto-asset circulation.

In Uzbekistan, it is prohibited to acquire, sell or exchange cryptocurrencies illegally.

Since May 2024 the country has had an updated procedure for licensing bitcoin exchanges.