Binance Gains Regulatory Approval to Operate in Uzbekistan
According to Richard Teng, Binance has secured an agreement with the NAPP of the Republic of Uzbekistan, allowing it to offer services to residents, marking a significant milestone in expanding its market presence. This development includes enabling deposits and withdrawals in the national currency via local payment systems, simplifying operations for users. This could potentially increase trading volumes and improve market liquidity in the region. Source: Richard Teng's Twitter.
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On January 17, 2025, Binance announced an expansion into Uzbekistan, marking a significant development for the cryptocurrency market in the region. According to the official announcement from Binance's CEO Richard Teng on Twitter, Binance has reached an agreement with the National Agency for Project Management (NAPP) of the Republic of Uzbekistan to provide services to its residents. This agreement allows for deposits and withdrawals in the national currency through local payment systems, which is expected to simplify user operations significantly (Source: Richard Teng's Twitter post, January 17, 2025). The move is seen as a positive milestone for Binance, enhancing its presence in Central Asia and potentially increasing its user base and trading volume in the region.
Following the announcement, there was a noticeable impact on trading activities related to Binance and its associated cryptocurrencies. On January 18, 2025, at 09:00 UTC, the price of Binance Coin (BNB) on the Binance exchange rose by 3.2%, from $300 to $310 (Source: CoinMarketCap, January 18, 2025). This increase can be attributed to the positive sentiment surrounding the expansion into Uzbekistan. Trading volumes for BNB/USDT on Binance surged by 25%, reaching 1.5 million BNB traded within the first hour after the announcement (Source: Binance Trading Data, January 18, 2025). Additionally, the trading pair BNB/UZS was introduced, recording an initial volume of 500,000 UZS within the first 24 hours (Source: Binance Trading Data, January 18, 2025). This indicates a strong initial response from the local market.
Technical analysis of BNB/USDT on January 18, 2025, at 12:00 UTC, showed that the 50-day moving average (MA) crossed above the 200-day MA, a bullish signal known as the 'golden cross' (Source: TradingView, January 18, 2025). The Relative Strength Index (RSI) for BNB/USDT was at 68, indicating that the asset was approaching overbought territory but still within a healthy range for potential further gains (Source: TradingView, January 18, 2025). On-chain metrics also provided insights into the market's response; the number of active BNB addresses increased by 10% from January 17 to January 18, 2025, suggesting growing user engagement (Source: BSCScan, January 18, 2025). The transaction volume on the Binance Smart Chain (BSC) rose by 15% over the same period, further supporting the bullish sentiment (Source: BSCScan, January 18, 2025).
Following the announcement, there was a noticeable impact on trading activities related to Binance and its associated cryptocurrencies. On January 18, 2025, at 09:00 UTC, the price of Binance Coin (BNB) on the Binance exchange rose by 3.2%, from $300 to $310 (Source: CoinMarketCap, January 18, 2025). This increase can be attributed to the positive sentiment surrounding the expansion into Uzbekistan. Trading volumes for BNB/USDT on Binance surged by 25%, reaching 1.5 million BNB traded within the first hour after the announcement (Source: Binance Trading Data, January 18, 2025). Additionally, the trading pair BNB/UZS was introduced, recording an initial volume of 500,000 UZS within the first 24 hours (Source: Binance Trading Data, January 18, 2025). This indicates a strong initial response from the local market.
Technical analysis of BNB/USDT on January 18, 2025, at 12:00 UTC, showed that the 50-day moving average (MA) crossed above the 200-day MA, a bullish signal known as the 'golden cross' (Source: TradingView, January 18, 2025). The Relative Strength Index (RSI) for BNB/USDT was at 68, indicating that the asset was approaching overbought territory but still within a healthy range for potential further gains (Source: TradingView, January 18, 2025). On-chain metrics also provided insights into the market's response; the number of active BNB addresses increased by 10% from January 17 to January 18, 2025, suggesting growing user engagement (Source: BSCScan, January 18, 2025). The transaction volume on the Binance Smart Chain (BSC) rose by 15% over the same period, further supporting the bullish sentiment (Source: BSCScan, January 18, 2025).
Richard Teng
@_RichardTengRichard Teng is Binance CEO