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Access to Binance, Kraken, FTX and official Huobi…

Access to Binance, Kraken, FTX and official Huobi...

The government of Uzbekistan has blocked internet access to unlicensed crypto exchanges located abroad, such as Binance, Kraken and others, under the pretext of protecting citizens from fraud.

According to the official statement of the government of Uzbekistan, the activity of foreign crypto exchanges that provide services to Uzbeks is on the rise. However, this is not accompanied by the acquisition of a license, which is a condition for these exchange offices to be able to offer their services in that country.

Access to Binance Crypto Exchange, Kraken and more is blocked

Crypto news reports, access to eight foreign crypto exchanges has been blocked in Uzbekistan, including popular exchanges such as Binance, Kraken, FTX and Huobi Global.

The only foreign crypto exchange licensed in Uzbekistan is the South Korean Kobea Group. Kobea has a license since 2019.

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“Foreign crypto exchanges that are not listed on the stock exchange have no legal obligations to transact cryptoassets. They cannot guarantee the authenticity of transactions as well as the storage and protection of confidential personal data of citizens of the Republic of Uzbekistan,” explained the National Agency for Project Perspectives of Uzbekistan (NAPP).

Added NAPP, that’s why access to foreign crypto exchange sites is blocked. Blocking internet access applies to everyone crypto exchange which do not have a license to work as an exchange office according to the laws of the country of Uzbekistan.

Starting January 1, 2023, Uzbek individuals and companies can interact with crypto assets through domestic service providers operating in accordance with national regulations.

The government of Uzbekistan warns its citizens about the dangers of carrying platform foreign crypto trading. Residents are advised to be careful so that personal information does not fall into the hands of fraudsters.

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In addition, the government invites citizens who know about companies that break the law regulation report to the authorities.

In 2020, the President of Uzbekistan, Shavkat Mirziyoyev, drafted a law that allows for tax-free trading and transactions of crypto assets.

The bill contains proposals mining pool across the country where crypto miners can use electricity at lower prices. Miners must register with regulators to obtain a license to operate.

The regulation also includes a proposal to create a Blockchain Valley, namely: sandpit regulation for companies that want to introduce blockchain technology and circulate crypto assets.

At that time, Uzbekistan Crypto Exchange (UZNex) was the first licensed domestic crypto exchange in the Turkestan region. The Government of Uzbekistan has given permission for platform as part of a pro crypto policy. [ed]

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