Binance Exchange Bans Transactions with Uzbek Currency on P2P Platform

Cryptocurrency exchange Binance has stopped supporting transactions in the Uzbek national currency, soum (UZS), on its P2P platform, effective May 27.

The restrictions affected such trading pairs as USDT/UZS, USDC/UZS, BTC/UZS, FDUSD/UZS, BNB/UZS and ETH/UZS. The reason for this decision was the regulatory measures introduced against Coinpay by the National Agency for Prospective Projects of Uzbekistan (NAPP). As stated on the official Coinpay website, "any transactions on the P2P platform will be regarded as a violation of regulatory requirements in the field of digital asset circulation and will entail legal liability in accordance with applicable law."

Binance, in turn, advised clients from the country to use alternative instruments for trading assets on the platform, including other currencies and services. At the same time, the exchange team emphasized its intention to continue developing and modernizing services in Uzbekistan, while strictly observing the requirements of local regulators.

Earlier, it was reported that British investors are seeking compensation for losses from the Binance crypto exchange related to the exclusion of the Bitcoin SV (BSV) cryptocurrency from circulation.