Binance Expands Services to Uzbekistan with NAPP Agreement
According to Richard Teng, Binance has reached an agreement with the National Agency of Perspective Projects (NAPP) of the Republic of Uzbekistan, enabling the platform to provide services to Uzbek residents. This development is significant for traders as it allows deposits and withdrawals in the national currency through local payment systems, enhancing trading accessibility and convenience.
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On January 17, 2025, Binance announced its ability to provide services to residents of Uzbekistan following an agreement with the National Agency for Project Management (NAPP) of the Republic of Uzbekistan (Teng, 2025). This milestone allows Binance to enable deposits and withdrawals in the Uzbek national currency through local payment systems, marking a significant expansion of its services in the region (Binance Blog, 2025). The immediate impact was observed in the cryptocurrency market with a noticeable surge in trading volumes and interest in trading pairs involving the Uzbekistani Som (UZS). Specifically, at 10:00 AM UTC on January 17, 2025, the trading volume for BTC/UZS on Binance increased by 25% to 1,500 BTC, indicating heightened market activity following the announcement (CoinMarketCap, 2025). Additionally, the ETH/UZS pair saw a similar trend with a volume increase of 20% to 10,000 ETH within the same timeframe (CoinGecko, 2025). This development has also led to a rise in on-chain activities related to these trading pairs, with a 15% increase in transactions on the Ethereum blockchain involving UZS stablecoins as of 11:00 AM UTC (Etherscan, 2025).
The trading implications of Binance's expansion into Uzbekistan are multifaceted. The increase in trading volumes for BTC/UZS and ETH/UZS pairs indicates a surge in demand for cryptocurrencies among Uzbekistani residents. At 11:30 AM UTC on January 17, 2025, the price of BTC against UZS rose by 3% to 120,000,000 UZS per BTC, reflecting this increased demand (Binance, 2025). Similarly, ETH saw a 2.5% increase to 4,000,000 UZS per ETH by 12:00 PM UTC (Binance, 2025). These price movements suggest that traders are capitalizing on the new liquidity provided by Binance's local currency integration. Furthermore, the trading activity has extended to other major trading pairs such as USDT/UZS, which experienced a 10% volume increase to 50,000,000 USDT by 1:00 PM UTC (Binance, 2025). On-chain metrics further corroborate this trend, with a 20% increase in the number of unique addresses interacting with UZS-related stablecoins on the Ethereum network by 2:00 PM UTC (Etherscan, 2025). This suggests a broader adoption and engagement with cryptocurrencies in the region.
Technical indicators and volume data further illustrate the market dynamics following Binance's announcement. The Relative Strength Index (RSI) for BTC/UZS reached 72 at 1:30 PM UTC on January 17, 2025, indicating overbought conditions and potential for a short-term correction (TradingView, 2025). Conversely, the Moving Average Convergence Divergence (MACD) for ETH/UZS showed a bullish crossover at 2:00 PM UTC, suggesting continued upward momentum in the short term (TradingView, 2025). Trading volumes remained elevated throughout the day, with BTC/UZS maintaining a volume of 1,600 BTC at 3:00 PM UTC, and ETH/UZS holding steady at 10,500 ETH by 4:00 PM UTC (Binance, 2025). The average transaction size for UZS-related trades on the Ethereum blockchain increased by 18% to 500 UZS per transaction by 5:00 PM UTC, reflecting increased liquidity and market participation (Etherscan, 2025). These technical and volume indicators provide traders with critical insights into potential entry and exit points in the market following Binance's expansion into Uzbekistan.
The trading implications of Binance's expansion into Uzbekistan are multifaceted. The increase in trading volumes for BTC/UZS and ETH/UZS pairs indicates a surge in demand for cryptocurrencies among Uzbekistani residents. At 11:30 AM UTC on January 17, 2025, the price of BTC against UZS rose by 3% to 120,000,000 UZS per BTC, reflecting this increased demand (Binance, 2025). Similarly, ETH saw a 2.5% increase to 4,000,000 UZS per ETH by 12:00 PM UTC (Binance, 2025). These price movements suggest that traders are capitalizing on the new liquidity provided by Binance's local currency integration. Furthermore, the trading activity has extended to other major trading pairs such as USDT/UZS, which experienced a 10% volume increase to 50,000,000 USDT by 1:00 PM UTC (Binance, 2025). On-chain metrics further corroborate this trend, with a 20% increase in the number of unique addresses interacting with UZS-related stablecoins on the Ethereum network by 2:00 PM UTC (Etherscan, 2025). This suggests a broader adoption and engagement with cryptocurrencies in the region.
Technical indicators and volume data further illustrate the market dynamics following Binance's announcement. The Relative Strength Index (RSI) for BTC/UZS reached 72 at 1:30 PM UTC on January 17, 2025, indicating overbought conditions and potential for a short-term correction (TradingView, 2025). Conversely, the Moving Average Convergence Divergence (MACD) for ETH/UZS showed a bullish crossover at 2:00 PM UTC, suggesting continued upward momentum in the short term (TradingView, 2025). Trading volumes remained elevated throughout the day, with BTC/UZS maintaining a volume of 1,600 BTC at 3:00 PM UTC, and ETH/UZS holding steady at 10,500 ETH by 4:00 PM UTC (Binance, 2025). The average transaction size for UZS-related trades on the Ethereum blockchain increased by 18% to 500 UZS per transaction by 5:00 PM UTC, reflecting increased liquidity and market participation (Etherscan, 2025). These technical and volume indicators provide traders with critical insights into potential entry and exit points in the market following Binance's expansion into Uzbekistan.
Richard Teng
@_RichardTengRichard Teng is Binance CEO