Uzbekistan fines Binance for operating without license

Uzbekistan will demand through court that Binance pay a fine in the amount of 102 million soms, about $8,200, for working without a license.

The National Agency for Prospective Projects (NAPP) of Uzbekistan will demand through a court that the 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.

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

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

Vyacheslav Pak, NAPP deputy director

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 a regulator of the crypto-asset sector, fined Binance 102 million soms. The crypto exchange still needs to take steps to license its activities in the republic.

The sale of cryptocurrency in the country can only be carried out through specialized crypto exchanges licensed by NAPP. At the same time, electronic systems for cryptocurrency exchange trading must be hosted on servers within the country. From Jan. 1, 2023, citizens and legal entities in Uzbekistan can carry out transactions for purchasing, selling, and exchanging crypto assets exclusively through national service providers.

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