The National Perspective Projects Authority of Uzbekistan said on Wednesday that the global cryptocurrency exchange websites are blocked in Uzbekistan.
Cryptocurrency Exchange Binance Made a Statement on the Subject
Gleb Kostarev, Binance’s head of Eastern Europe, confirmed that the exchange’s website has been inaccessible to users in Uzbekistan since Tuesday. Huobi said FTX, Bybit and others are also blocked.
In the statement made by the company, it was stated that Binance had discussed the situation of the stock market in the country with the authorities of Uzbekistan.
“Binance continues to mature and expand across the CIS as a more traditionally regulated fintech startup,” the statement said. CIS, with its long name Commonwealth of Independent States, is an organization of former Soviet republics.
According to the agency’s announcement, Uzbekistan has restricted access to cryptocurrency exchanges and over-the-counter brokers because the country’s regulations do not allow its citizens to trade crypto on foreign platforms.
Pursuant to a 2018 law, crypto and bitcoin mining pools, exchanges, custodians and “crypto shops” must be licensed to operate in the country. At that time, the country wanted to attract global crypto exchanges to the country with tax benefits.
The agency told Forklog news service that foreign platforms still need a license to operate in Uzbekistan. Forklog wrote that the only exchange that has ever licensed is the local exchange UzNEX.
In May, the country’s president, Shavkat Mirziyoyev, published a framework for regulating cryptocurrencies, giving the National Perspective Projects Agency the role of observer of the industry.
*Not investment advice.
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