Binance secures approval to operate in Uzbekistan under COINPAY LLC license, expanding global presence with compliant crypto services.
In a significant move, Binance has announced a new agreement with the National Agency for Perspective Projects (NAPP) of Uzbekistan. This deal proves that Binance is abiding by the local rules and also allows the platform to serve Uzbek residents under a licensed framework. Now, COINPAY LLC crypto exchange license will enable Binance to operate in Uzbekistan. As a result, users will be able to deposit and withdraw funds in local currency through local payment systems.
It is all part of Binance sticking to the rules in every country it operates in. The cryptocurrency industry is in need of regulation, and the company wants to make it happen by creating a secure and controlled environment for users. Kyrylo Khomyakov, Binance’s Regional Head, said the agreement with the Uzbekistan’s regulator was an important milestone. He said he was excited to continue operations in the country and contribute to the growth of the crypto industry in the area.
Binance Partners with NAPP for Global-Standard Crypto Market in Uzbekistan
Regulation of crypto assets, capital markets, and e-commerce, among others, is the responsibility of the National Agency for Perspective Projects (NAPP) in Uzbekistan. The mission of NAPP is to set up a global-standard market, which is protected to investors and is attractive to invest since it boosts the economy and the welfare of the citizens. The agency works with international experts and openly talks with stakeholders on adapting to economic changes. NAPP is aiming for a bureaucracy-free dematerialized industry and at resolving issues fast in the sector.
Binance’s partnership with COINPAY LLC is an equally significant step towards riding the crypto asset wave together as it rebuilds its regulated ecosystem. Users of these secure and compliant crypto trading and investment tools will now be easier through this collaboration. Meanwhile, Binance and NAPP are coming together to build a safer and more regulated crypto environment for users in Uzbekistan.
In Brazil, Binance also secured approval earlier this month from the Central Bank for the purchase of Sim;paul, a licensed broker dealer in Brazil. This also expands Binance’s services in Brazil and provides Brazilian users with a more compliant, more secure place to transact. The recent moves are part of an ongoing series of moves by Binance in its aim to broaden its global presence while continuing to play by the rules of the game in its journey to increase compliance and tighten security for its users across the globe.
