Binance Expands in Uzbekistan with Local Currency Deposits and Withdrawals

Binance has received authorization to operate in Uzbekistan
through a partnership with COINPAY LLC. This collaboration allows Binance to
use COINPAY’s official platform, coinpay.uz, to provide services in the
country.

Binance Enhances Services with Local Currency Support

With this move, users can now make deposits and withdrawals
in the Uzbekistani currency through local payment systems. This increases the
accessibility of Binance’s services for the local market.

Binance’s adherence to local regulations aims to create a
safe and compliant environment for blockchain and cryptocurrency growth.

“This milestone underscores Binance’s commitment to
working closely with local authorities to foster a regulated, innovative
environment for cryptocurrencies,” said Kyrylo Khomyakov, Binance’s
Regional Head for Central and Eastern Europe, Central Asia, and Africa.

“We are excited to contribute to Uzbekistan’s crypto
growth and its integration into the global economy,” Khomyakov added.

#Binance is now able to provide services to Uzbekistan residents! 🇺🇿This milestone comes after an agreement with the National Agency of Perspective Projects (NAPP) of the Republic of Uzbekistan. It underscores our commitment to regulatory compliance and fostering a safe,… pic.twitter.com/cszKUrNAaX

— Binance (@binance) January 17, 2025

Binance-NAPP Partnership Strengthens Uzbekistan’s Crypto
Regulation

Binance and the National Agency of Perspective Projects (NAPP) are going to work together to support the
growth of the crypto-asset sector in the country. The partnership strengthens
Uzbekistan’s regulatory framework, ensuring secure cryptocurrency trading while
positioning the country as a hub for blockchain innovation.

NAPP regulates
Uzbekistan’s crypto, capital markets, insurance, and e-commerce sectors. NAPP
works to create a competitive market that protects investors and drives
economic growth.

Binance Expands in Brazil with Acquisition

Meanwhile, Binance
has expanded its presence in Brazil following regulatory approval to
acquire Sim;paul, a licensed broker-dealer in the country. This acquisition
marks Binance’s 21st global regulatory authorization as cryptocurrency adoption
grows in Latin America’s largest economy, as reported by Finance Magnates.

#Binance reaches 21st global regulatory milestone after the Central Bank of Brazil approved the acquisition of a licensed broker-dealer institution in the most populous Latin American country. This achievement underscores our dedication to compliance and regulatory excellence… pic.twitter.com/qx0GPyBjrD

— Binance (@binance) January 2, 2025

With the approval, Binance becomes one of the cryptocurrency
exchanges licensed as a broker-dealer in Brazil, a country ranked 10th in
global crypto adoption according to Chainalysis.

The Central Bank of Brazil’s approval of Binance’s
acquisition aligns the company with the country’s evolving regulatory
framework. Sim;paul’s existing licenses to distribute securities and issue
electronic money will allow Binance to broaden its offerings while maintaining
compliance with local regulations.

This article was written by Tareq Sikder at www.financemagnates.com.