National Agency for Prospective Projects (NAPP will sue the international crypto exchange Binance to pay a fine for operating in the country without a license, the First deputy director of the agency Vyacheslav Pak said.
Earlier in January NAPP, as a regulator of the crypto-assets area, fined Binance 102 million soums, or US$ 8 thousand, for operating without a license.
“Naturally, as expected, they refused to pay. Therefore, as per the legislation of the Republic of Uzbekistan, we will submit a corresponding claim to the court, and a ruling will be made,” said Vyacheslav Pak.
According to him, NAPP will send court rulings through official channels for execution to the jurisdiction where the crypto exchange is registered. “We will officially ensure that Binance complies with our legislation,” he added.
In August 2022, Uzbekistan blocked access to the websites of eight crypto exchanges, including the most popular ones - Binance, Kraken, FTX, Huobi Global.
Cryptocurrency in Uzbekistan can only be sold and purchased 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 January 1, 2023, citizens and legal entities in Uzbekistan can carry out transactions for the purchase, sale and exchange of crypto assets exclusively through national service providers.
