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Justice Served: $451M Penalty for Firms Behind Binary Options Fraud

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Binance Expands into Uzbekistan with COINPAY Partnership

 


Binance Gains Regulatory Approval in Uzbekistan

Binance has successfully secured regulatory authorization to operate in Uzbekistan through a strategic partnership with COINPAY LLC. This agreement enables Binance to provide its services via coinpay.uz, allowing local users to deposit and withdraw funds in Uzbekistani som through bank cards and national payment systems.

Kyrylo Khomyakov, Binance’s Regional Head for Central and Eastern Europe, Central Asia, and Africa, emphasized the significance of this move:
"This milestone underscores Binance’s commitment to working closely with local authorities to foster a regulated, innovative environment for cryptocurrencies."

The National Agency of Perspective Projects (NAPP), which oversees Uzbekistan’s crypto regulations, played a crucial role in this collaboration. NAPP also regulates capital markets, insurance, and e-commerce sectors, working towards a competitive and investor-friendly financial ecosystem.

What This Means for Uzbekistan’s Crypto Sector

  • Enhanced Accessibility: Binance users in Uzbekistan can now make fiat deposits and withdrawals seamlessly.
  • Regulatory Compliance: The collaboration strengthens Uzbekistan’s crypto framework, ensuring safer and more transparent trading.
  • Economic Growth: The initiative aligns with Uzbekistan’s broader economic strategy, integrating blockchain innovations into the financial sector.

Binance Expands Presence in Brazil

Binance has also strengthened its foothold in Brazil, obtaining regulatory approval to acquire Sim;paul, a licensed broker-dealer. This acquisition marks Binance’s 21st global regulatory milestone, reinforcing its commitment to compliance and financial innovation. Brazil ranks 10th in global crypto adoption, making it a crucial market for Binance’s expansion strategy.

Future of Crypto in Uzbekistan

With Binance’s presence now officially recognized, Uzbekistan is set to become a key player in Central Asia’s digital economy. This expansion is expected to increase crypto adoption, boost financial inclusion, and attract institutional investors into the country.

 

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