Uzbekistan imposed a fine on crypto exchange "Binance"
Economy
It was operating in Uzbekistan without a licence. Also, transactions with anonymous crypto-assets, as well as crypto-assets and funds obtained by criminal means (theft, fraud, etc.) are conducted on the Binance's platform.
The National Agency of Perspective Projects fined the international crypto-exchange "Binance" in the amount of 300 basic calculated amounts (102 million sums). This was reported by the press service of the Agency.
It is noted that on the part of crypto-exchange "Binance" appropriate measures aimed at organising activities, including obtaining the appropriate licence of service provider, in the territory of the Republic of Uzbekistan was not taken.
In addition, a number of violations have been identified in the activities of Binance:
transactions with anonymous crypto-assets, as well as crypto-assets and funds obtained by criminal means (theft, fraud, etc.) are conducted on the Binance's platform;
“Binance” is not a legal entity - resident of the Republic of Uzbekistan;
there is no electronic platform hosted on servers located in Uzbekistan;
the requirements of the legislation of the Republic of Uzbekistan in crypto-assets turnover sphere, countering the legalization of proceeds from criminal activity, financing of terrorism and financing of the proliferation of weapons of mass destruction are not complied, as well as the one for personal data storing and usage;
there is no a formed (paid up) charter fund (capital) reserved on a separate account in a commercial bank of the Republic of Uzbekistan.
On the basis of the revealed violations, the Act of inspection of compliance with license requirements and conditions in the sphere of crypto-assets turnover was drawn up, which was sent to the “Binance” crypto-exchange for acquaintance and taking measures to eliminate violations.
According to the current legislation, from January 1, 2023, citizens and legal entities of the Republic of Uzbekistan can carry out transactions for the purchase, sale and (or) exchange of crypto-assets exclusively through national service providers in the manner prescribed by legislative acts.
It is noted that on the part of crypto-exchange "Binance" appropriate measures aimed at organising activities, including obtaining the appropriate licence of service provider, in the territory of the Republic of Uzbekistan was not taken.
In addition, a number of violations have been identified in the activities of Binance:
transactions with anonymous crypto-assets, as well as crypto-assets and funds obtained by criminal means (theft, fraud, etc.) are conducted on the Binance's platform;
“Binance” is not a legal entity - resident of the Republic of Uzbekistan;
there is no electronic platform hosted on servers located in Uzbekistan;
the requirements of the legislation of the Republic of Uzbekistan in crypto-assets turnover sphere, countering the legalization of proceeds from criminal activity, financing of terrorism and financing of the proliferation of weapons of mass destruction are not complied, as well as the one for personal data storing and usage;
there is no a formed (paid up) charter fund (capital) reserved on a separate account in a commercial bank of the Republic of Uzbekistan.
On the basis of the revealed violations, the Act of inspection of compliance with license requirements and conditions in the sphere of crypto-assets turnover was drawn up, which was sent to the “Binance” crypto-exchange for acquaintance and taking measures to eliminate violations.
According to the current legislation, from January 1, 2023, citizens and legal entities of the Republic of Uzbekistan can carry out transactions for the purchase, sale and (or) exchange of crypto-assets exclusively through national service providers in the manner prescribed by legislative acts.
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