Binance Limits Uzbek Soum P2P Trading Due to Regulatory Requirements
Date: 2025-05-29 Author: Oliver Abernathy Categories: BUSINESS
Since May 27, Binance has stopped supporting the Uzbek soum (UZS) on its P2P trading platform. This decision affected six currency pairs, including USDT/UZS, USDC/UZS, BTC/UZS, FDUSD/UZS, BNB/UZS, and ETH/UZS. The reason was a reaction to regulatory restrictions imposed on the exchange's local partner, Coinpay, by the National Agency for Prospective Projects of Uzbekistan (NAPP).
The official Coinpay website reports that any P2P transactions conducted using the Uzbek soum are now considered a violation of the law. Such actions, as stated in the message, may entail legal liability in accordance with local legal regulation of digital asset turnover.
In response to the changes, Binance recommended that residents of Uzbekistan use other currencies or take advantage of alternative trading instruments available on the platform. Representatives of the exchange assured that they will continue to support users from Uzbekistan, while taking into account the requirements of local legislation and interacting with the regulator to find long-term solutions.
This is not the first case of government intervention in the country's crypto infrastructure. Earlier, the authorities of Uzbekistan began an experiment with the introduction of the HUMO token, secured by government bonds. This project is aimed at attracting investment and increasing transparency in the financial sector, which may be a step towards more open regulation of the crypto market in the future.
Nevertheless, the tightening of policies towards private platforms like Binance indicates the desire of the authorities to take control of the digital asset market, limiting the use of uncontrolled means of exchange and capital withdrawal. For now, users can only adapt to the new conditions and monitor further initiatives of regulators.
