A joint platform between Coinpay and Binance has started operating in Uzbekistan, offering services in the field of crypto assets. This was announced by the press service of the local cryptocurrency exchange Coinpay.
The project was implemented with the support of the National Agency for Project Management and fully complies with the legislation of Uzbekistan. The agency announced the collaboration between cryptocurrency exchanges in mid-January 2025. The platform has become the first such service officially integrated into Uzbekistan's legal system.
The new service allows users to deposit and withdraw funds in the national currency through bank cards and local payment systems. Additionally, users gain access to a wide range of Binance services.
Coinpay reminded users that transactions with crypto assets should only be conducted through the official link on the website. The use of third-party P2P platforms or other services will be considered a violation of the law and may lead to legal responsibility.
The company also emphasized that transactions with crypto assets carry high risks due to their volatility. Users are advised to familiarize themselves with the specifics of working with digital assets before starting trading and to consider potential financial risks.
Binance in Uzbekistan
The websites of Binance and other international exchanges have been blocked in Uzbekistan since August 2022. By 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.
Deputy Director of the National Agency for Project Management, Vyacheslav Pak, stated in February 2023 that Binance was demanding the legalization of P2P transactions in Uzbekistan but was not relocating its servers and personnel to the country to obtain a license. The agency refused to legalize P2P transactions until it understood how to control them.
In early 2024, the National Agency for Project Management fined the cryptocurrency exchange Binance 102 million soms. The agency accused the platform of providing services without a license, lacking a legal entity, and having an electronic platform hosted on servers within the republic. Vyacheslav Pak announced plans to file a lawsuit against the cryptocurrency exchange to recover the funds.
The case was heard 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 ruling in favor of the National Agency for Project Management.
“The cryptocurrency exchange Binance has fulfilled all court requirements and paid the fine in accordance with the law to the State Budget of the country,” the agency reported.
Previously, Spot reported that a bill to create crypto banks was introduced in the Kyrgyz Parliament.