The National Agency for Prospective Projects has announced the resolution of issues related to the operation of the crypto exchange Binance in Uzbekistan.

Binance will serve residents of the republic through its local partner, Coinpay. Access for them, as well as the ability to deposit and withdraw funds via bank cards from national payment systems, will be available through the website coinpay.uz.

The launch of the system is planned to occur after the integration of modules between the platforms, including with the payment systems Uzcard and Humo. The partners will publish the relevant announcement on their official websites.

The agency reminded that since the beginning of 2023, residents of Uzbekistan can conduct transactions with crypto assets only with the participation of national service providers. Citizens were also reminded of the risks associated with purchasing cryptocurrencies and the consequences of such decisions.

Binance in Uzbekistan

The websites of Binance and other international exchanges were blocked in Uzbekistan since August 2022. At the end of that year, it became known that Binance had opened a vacancy for a general manager in the republic, whose responsibilities included developing strategies, action plans, and a business model for the new market.

In February 2023, Vyacheslav Pak, the deputy director of NAPP, reported that Binance was demanding the legalization of P2P transactions in Uzbekistan, but at the same time was not relocating servers and personnel to the country where it obtains licenses. The agency refused to legalize P2P transactions until they understand how to control them.

In early 2024, NAPP fined the crypto exchange Binance 102 million sums. The agency accused the platform of providing services without a license, lacking a legal entity, and having an electronic platform hosted on servers in the republic. Vyacheslav Pak stated the intention to file a lawsuit against the crypto exchange to recover funds from them.

The case was examined by the Tashkent City Court. The proceedings involving representatives of Binance lasted for two and a half months—from March 26 to June 7—and concluded with a decision in favor of NAPP.

"The crypto exchange Binance has fulfilled all court requirements and paid the fine in accordance with the established legal procedure to the State Budget of the country," the agency reported.

Earlier, Spot reported that a bill to create crypto banks was introduced in the Kyrgyz Parliament.