The National Agency for Prospective Projects (NAPP) in Uzbekistan has fined the cryptocurrency exchange Binance for operating in the country without proper licensing. The fine amounts to 102 million soms, around $8,200.
Binance has refused to pay the fine, so NAPP will now pursue the matter in court to obtain a judgment requiring payment. Once NAPP receives a favorable court ruling, it plans to send the judgment to the jurisdiction where Binance is registered for enforcement.
Deputy Director Vyacheslav Pak stated that NAPP expected Binance would refuse to pay voluntarily. He said NAPP will utilize official channels to send the court decisions to wherever Binance is registered to execute the judgment.
In January, NAPP levied a fine against Binance as the regulator of the crypto asset sector in Uzbekistan. Binance still needs to take steps to properly license its activities in the country if it wishes to continue operating there.
Uzbekistan requires that any sale of cryptocurrency be conducted through licensed crypto exchanges hosted on servers within the country. As of January 1, 2023, citizens and companies in Uzbekistan can only purchase, sell, or exchange crypto assets through approved domestic service providers.
#Uzbekistan #Binance #Crypto
