Binance, FTX, Kraken, Huobi and others are no longer in the fragrance of sanctity on the territory of Uzbekistan. The authorities carried out their threats by blocking access exchanges operate in the territory without authorization. A situation that probably could not last if the platforms comply with the prescribed rules.
Uzbekistan is taking action by closing access to foreign crypto exchanges
The Uzbek government did blocked access to foreign crypto platforms on the grounds that they did not have the necessary license to offer their services to residents. To date, everything exchanges the most popular may be concerned, even if few have interacted at the event.
The announcement comes as local authorities have seen an increase in crypto activities linked to unauthorized companies. The National Agency for Prospective Projects (NAPP) is responsible for this. Recently appointed as the sector’s chief controller by President Shavkat Mirziyoyev’s April decree on industry regulation, the newly formed agency is tasked with committing to adopting a “special regime for the regulation of cryptocurrencies.”
Unlicensed companies have no legal responsibility for crypto-property transactions and cannot guarantee the legitimacy of transactions, as well as proper storage and privacy protection of personal data of citizens of the Republic of Uzbekistan.
NAPP press release
Only one exchange is currently approved in Uzbekistan
fact, Starting January 1, 2023, individuals and businesses will only be able to conduct their crypto operations from domestic service providers operating in compliance with local regulations. But until this official date, tolerance is no longer appropriate, the press release points out.
From the moment when [le décret a été publié], we have not blocked foreign platforms, because we understand that our citizens have funds on those platforms. But this measure did not mean that citizens could safely trade on foreign platforms until January 1, 2023. It has already been banned since 2019.
Binance’s chief operating officer in Eastern Europe, Gleb Kostarev, was the only one to report that the exchange’s website is no longer accessible to Uzbek users as of Tuesday, noting that the ban also applies to Huobi, FTX, Bybit, Kraken and others.
today, Uzbekistan has only one regulated crypto exchange: Uznex, an offshoot of the Korean Kobe group who took on the role of technology advisor to the Uzbek government. But the situation could change, the regulator moderates its current firmnesssuggesting opportunities for agreement.
We are always ready to consider the licensing requirements of all major crypto exchanges if they want to start their activities on the territory of Uzbekistan in accordance with the requirements of the law.
NAPP statement
Binance, again, declared itself in negotiations with the authorities to regulate the status of the platform.
