Binance Exchange Regains Permission to Operate in Uzbekistan
Date: 2025-01-20 Author: Henry Casey Categories: BUSINESS
Until autumn 2023, Binance provided services to users in Uzbekistan, but operations were suspended after the introduction of new licensing rules for crypto companies. The regulator filed a lawsuit against the exchange for operating without the necessary permission and imposed a fine.
Now Binance intends to simplify operations for customers by collaborating with local partner COINPAY. This will allow users to top up accounts and withdraw funds in national currency through local payment systems, which will significantly simplify access to services.
The National Agency for Project Management (NAPP) clarified that the launch of the exchange will be possible after the completion of integration with national payment systems, which will ensure full compliance with legal requirements.
It is worth noting that Uzbekistan is actively developing projects in the field of blockchain and Web3. Thus, the Web3Eco initiative recently implemented the tokenization of rights to income from the sale of trees from plantations. On the Web3Eco platform, digital rights to plants are sold for its own utility token ERA, opening up new opportunities for monetizing environmental projects.
