Uzbekistan Fines Binance

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The National Agency for Prospective Projects of the Republic of Uzbekistan has discovered several violations committed by the Binance cryptocurrency exchange.

According to representatives from the agency, these violations were found in accordance with the Regulations on the procedure for licensing the activities of service providers in the field of crypto-asset turnover.

These include:

  • Providing services to citizens of the Republic of Uzbekistan for transactions with crypto-assets.
  • Conducting transactions with anonymous coins, crypto-assets obtained through criminal activities, and funds obtained by criminal means.
  • Not being a legal entity – resident of the Republic of Uzbekistan.
  • Not having an electronic platform hosted on servers located within the Republic of Uzbekistan.
  • Not complying with legal requirements in regards to the circulation of crypto-assets, anti-money laundering, anti-terrorism financing, financing of the proliferation of weapons of mass destruction, and the storage and use of personal data.
  • Not providing information on the exclusion of individuals and companies registered in offshore zones from management and participation in the authorized capital of service providers, as per subparagraph “h)” of paragraph 9 of the Regulations.
  • Not having a formed authorized capital, a portion of which must be reserved in a separate account in a commercial bank of the Republic of Uzbekistan.

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