Crypto News

Uzbekistan fines Binance for operating without a license


Uzbekistan will legally demand that Binance pay a fine in the amount of 102 million soms, or approximately $8,200, for operating without a license.

Uzbekistan’s National Agency for Prospective Projects (NAPP) will demand, through a court, that international crypto exchange Binance pay a fine for operating in the country without a license, local media write, citing the deputy director of the agency, Vyacheslav Pak.

Crypto exchange Binance, which the National Agency fined for potential projects for operating in Uzbekistan without a license, refused to pay, so the amount will be recovered through the court, the decision of which will be sent to the jurisdiction where the crypto exchange is registered.

“Naturally, as we expected, they refused to pay. Therefore, in accordance with the legislation of the Republic of Uzbekistan, we will submit a corresponding claim to the court and a decision will be made. »

Vyacheslav Pak, Deputy Director of NAPP

According to him, NAPP will send court decisions through official channels for execution to the jurisdiction where the crypto exchange is registered.

In January, NAPP, as regulator of the crypto-asset sector, fined Binance 102 million som. The crypto exchange still needs to take steps to authorize its activities in the republic.

The sale of cryptocurrency in the country can only be done through specialized crypto exchanges licensed by NAPP. At the same time, electronic trading systems for cryptocurrency exchanges must be hosted on servers located in the country. Since January 1, 2023, citizens and legal entities of Uzbekistan can carry out transactions for the purchase, sale and exchange of crypto assets exclusively through domestic service providers.

Follow us on Google News


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button