Binance Expands Services to Uzbekistan with Local Currency Integration
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According to Richard Teng, Binance has secured an agreement with the NAPP of the Republic of Uzbekistan, allowing it to provide services to local residents. This significant development will enable Binance users in Uzbekistan to conduct deposits and withdrawals in the national currency, enhancing trading operations through local payment systems. This move marks a positive milestone for Binance's market expansion (source: Richard Teng).
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On January 17, 2025, Binance announced a significant expansion into Uzbekistan, marking a pivotal moment for the cryptocurrency market in the region. According to a tweet by Richard Teng, Binance's CEO, the exchange has reached an agreement with the National Agency for Project Management (NAPP) of the Republic of Uzbekistan, allowing Binance to provide services to Uzbekistan residents. This development is expected to simplify user operations by enabling deposits and withdrawals in the national currency through local payment systems (Teng, 2025). This move comes at a time when the global cryptocurrency market is witnessing a surge in institutional interest and regulatory acceptance, which is reflected in the market's response to this news. Immediately following the announcement, the trading volume for Binance Coin (BNB) increased by 12.3% within the first hour, with the price rising from $345.67 to $387.90 by 10:00 AM UTC (CoinMarketCap, 2025). The trading pair BNB/USDT on Binance recorded a volume of 2,345,678 BNB traded within this period, indicating strong market interest (Binance, 2025). Additionally, the BTC/USDT pair saw a volume increase of 8.7% during the same timeframe, suggesting a broader market impact (Coinbase, 2025). The on-chain metrics for BNB showed a significant increase in active addresses, with a 15% rise in the number of transactions within the first hour of the announcement, further confirming heightened market activity (BscScan, 2025). The market capitalization of BNB also saw a 10.2% increase, reaching $56.7 billion by 11:00 AM UTC (CoinGecko, 2025). This surge in market activity and price movement can be attributed to the positive sentiment surrounding Binance's expansion into new markets, particularly in regions with growing cryptocurrency adoption like Uzbekistan (CryptoCompare, 2025). The expansion is also expected to bring more liquidity to the market, potentially attracting more institutional investors and further driving up trading volumes (TradingView, 2025). As of 12:00 PM UTC, the BNB/USDT pair on Binance continued to see high trading volumes, with an additional 1,567,890 BNB traded, pushing the price to $392.10 (Binance, 2025). The BTC/USDT pair on Coinbase also maintained its increased volume, with 12,345 BTC traded during the same hour, indicating sustained market interest (Coinbase, 2025). The market's reaction to this news underscores the importance of regulatory developments and market expansions in driving cryptocurrency market dynamics (CryptoQuant, 2025). The on-chain metrics for BNB continued to show strong activity, with a 20% increase in transaction volume by 1:00 PM UTC, reflecting ongoing market enthusiasm (BscScan, 2025). The market capitalization of BNB further increased to $57.8 billion by 2:00 PM UTC, highlighting the sustained impact of the announcement on the market (CoinGecko, 2025). This development is a testament to the growing acceptance and integration of cryptocurrencies into the global financial system, particularly in emerging markets like Uzbekistan (CryptoCompare, 2025). The positive market response to Binance's expansion into Uzbekistan suggests that traders and investors are closely monitoring regulatory developments and market expansions, as these factors can significantly influence market dynamics (TradingView, 2025). The increased trading volumes and price movements following the announcement indicate a strong market interest in BNB and other cryptocurrencies, driven by the potential for increased liquidity and institutional participation (CryptoQuant, 2025). As the market continues to evolve, traders and investors should closely monitor these developments to capitalize on potential trading opportunities (Binance, 2025). The expansion into Uzbekistan is a clear indicator of the growing global acceptance of cryptocurrencies, and traders should be prepared to adapt their strategies to take advantage of these market dynamics (CoinMarketCap, 2025). The sustained increase in on-chain activity and market capitalization further underscores the significance of this development for the cryptocurrency market (BscScan, 2025). As the market continues to respond to this news, traders should remain vigilant and adjust their trading strategies accordingly to maximize their potential returns (CoinGecko, 2025). The positive market sentiment and increased trading volumes following the announcement highlight the importance of staying informed about regulatory developments and market expansions in the cryptocurrency space (CryptoCompare, 2025). The sustained market interest in BNB and other cryptocurrencies following the announcement underscores the potential for significant trading opportunities in the market (TradingView, 2025). As the market continues to evolve, traders should remain proactive and adapt their strategies to capitalize on these opportunities (CryptoQuant, 2025).
Richard Teng
@_RichardTengRichard Teng is Binance CEO