Binance Partners with CoinPay to Expand Cryptocurrency Services in Uzbekistan

Binance, a leading global cryptocurrency exchange, is set to launch operations in Uzbekistan through a partnership with the licensed local provider, CoinPay.

This partnership aims to provide Uzbek residents with secure and regulated access to Binance’s platform, ensuring compliance with the country’s cryptocurrency regulations, The Caspian Post reports, citing Uzbek media.

Users will soon be able to deposit and withdraw funds in Uzbek soums via bank cards and national payment systems, marking a significant step in the country’s digital financial development.

Binance’s services will be accessed through CoinPay’s official platform, coinpay.uz, following the system’s integration with national payment networks. The official launch date will be announced on Binance and CoinPay’s platforms.

In January 2024, NAPP announced its intention to file a lawsuit against Binance for failing to address ongoing licensing and regulatory requirements. Deputy Director Vyacheslav Pak stated:

“As expected, Binance refused to meet our demands, leaving us no choice but to pursue legal action. The court will decide the appropriate resolution.”

Pak also emphasized concerns over unregulated peer-to-peer (p2p) transactions, highlighting risks like money laundering and the trading of illicit assets. NAPP remains steadfast in its refusal to legalize p2p trading until robust oversight mechanisms are established.