uzbekistan, exchanges, regulation, binance, kraken, ftx, huobi

Source: AdobeStock / Curioso.Photography

The government in Uzbekistan has blocked internet access to unlicensed crypto exchanges based outside of the country, citing a need to protect its citizens from “fraudsters.”

According to a statement published by the government of Uzbekistan, activity on foreign crypto exchanges that provide services to citizens of the country has intensified, without these companies obtaining the necessary license to offer their services there.

Reporting on the news, Russian news agency Sputnik wrote that access to eight overseas crypto exchanges has already been blocked in Uzbekistan, including popular exchanges like Binance, Kraken, FTX, and Huobi Global

The only foreign crypto exchange to so far obtain a license in Uzbekistan is South Korea’s Kobea Group, which secured its license in 2019, the report said.

The unlicensed companies “have no legal responsibility for transactions with crypto-assets, and cannot guarantee the legitimacy of transactions, as well as the proper storage and protection of confidentiality of personal data of citizens of the Republic of Uzbekistan,” the statement from the National Agency of Perspective Projects (NAPP) warned.

As a result, access to these companies’ websites has now been blocked, the statement said. The blocked internet access applies to all crypto exchanges that “do not have a license” to operate an exchange under the laws of Uzbekistan.

Starting from January 1, 2023, individuals and companies in Uzbekistan can instead interact with cryptoassets through domestic service providers that operate in accordance with local regulations, the statement added.

The government went on to warn its citizens about the dangers of using foreign crypto trading platforms, saying they should be vigilant to make sure personal data is not leaked to “fraudsters.” It added that anyone who knows of companies that are operating in violation of the regulations should report them to the police.

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