Binance has received authorization to operate in Uzbekistan through a partnership with COINPAY LLC. This collaboration allows Binance to use COINPAY's official platform, coinpay.uz, to provide services in the country.
Binance Enhances Services with Local Currency Support
With this move, users can now make deposits and withdrawals in the Uzbekistani currency through local payment systems. This increases the accessibility of Binance’s services for the local market.
Binance’s adherence to local regulations aims to create a safe and compliant environment for blockchain and cryptocurrency growth.
"This milestone underscores Binance’s commitment to working closely with local authorities to foster a regulated, innovative environment for cryptocurrencies," said Kyrylo Khomyakov, Binance’s Regional Head for Central and Eastern Europe, Central Asia, and Africa.
"We are excited to contribute to Uzbekistan’s crypto growth and its integration into the global economy," Khomyakov added.
#Binance is now able to provide services to Uzbekistan residents! ????????This milestone comes after an agreement with the National Agency of Perspective Projects (NAPP) of the Republic of Uzbekistan. It underscores our commitment to regulatory compliance and fostering a safe,… pic.twitter.com/cszKUrNAaX
— Binance (@binance) January 17, 2025
Binance-NAPP Partnership Strengthens Uzbekistan's Crypto Regulation
Binance and the National Agency of Perspective Projects (NAPP) are going to work together to support the growth of the crypto-asset sector in the country. The partnership strengthens Uzbekistan’s regulatory framework, ensuring secure cryptocurrency trading while positioning the country as a hub for blockchain innovation.
NAPP regulates Uzbekistan’s crypto, capital markets, insurance, and e-commerce sectors. NAPP works to create a competitive market that protects investors and drives economic growth.
Binance Expands in Brazil with Acquisition
Meanwhile, Binance has expanded its presence in Brazil following regulatory approval to acquire Sim;paul, a licensed broker-dealer in the country. This acquisition marks Binance's 21st global regulatory authorization as cryptocurrency adoption grows in Latin America's largest economy, as reported by Finance Magnates.
#Binance reaches 21st global regulatory milestone after the Central Bank of Brazil approved the acquisition of a licensed broker-dealer institution in the most populous Latin American country. This achievement underscores our dedication to compliance and regulatory excellence… pic.twitter.com/qx0GPyBjrD
— Binance (@binance) January 2, 2025
With the approval, Binance becomes one of the cryptocurrency exchanges licensed as a broker-dealer in Brazil, a country ranked 10th in global crypto adoption according to Chainalysis.
The Central Bank of Brazil's approval of Binance's acquisition aligns the company with the country's evolving regulatory framework. Sim;paul's existing licenses to distribute securities and issue electronic money will allow Binance to broaden its offerings while maintaining compliance with local regulations.
This article was written by Tareq Sikder at www.financemagnates.com.
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