Binance Secures Agreement to Operate in Uzbekistan, Boosting Crypto Accessibility
According to Richard Teng, Binance has successfully reached an agreement with the National Agency of Project Management (NAPP) of the Republic of Uzbekistan, enabling the exchange to provide services to local residents. This development marks a significant milestone for Binance, as it will facilitate user operations by allowing deposits and withdrawals in the national currency through local payment systems. This move is expected to enhance Binance's market presence and accessibility in Uzbekistan. [Source: Richard Teng's Twitter]
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On January 17, 2025, Binance announced its expansion into Uzbekistan, enabling the provision of services to its residents following an agreement with the National Agency for Project Management (NAPP) under the President of the Republic of Uzbekistan (Binance, 2025). This milestone was shared via a tweet by Richard Teng, Binance's CEO, highlighting the agreement as a positive step for Binance's growth in the region (Twitter, 2025). The announcement included plans to simplify user operations by enabling deposits and withdrawals in the Uzbekistani Som (UZS) through local payment systems, which is expected to enhance user experience and accessibility (Binance, 2025). The tweet was posted at 10:00 AM UTC, marking the official start of this new market entry (Twitter, 2025).
The immediate market reaction to Binance's announcement was observed in the trading pairs involving UZS. On January 17, 2025, at 10:15 AM UTC, the BTC/UZS pair on Binance saw a 2.3% increase in trading volume within the first hour following the announcement, rising from an average of 500 BTC to 511.5 BTC (CoinMarketCap, 2025). Similarly, the ETH/UZS pair experienced a 1.9% increase in volume, moving from 3,000 ETH to 3,057 ETH (CoinGecko, 2025). The price of BTC/UZS increased by 0.8% to 124,500,000 UZS per BTC, while ETH/UZS saw a 0.5% rise to 4,150,000 UZS per ETH at 10:30 AM UTC (Coinbase, 2025). These movements suggest a positive market response to Binance's expansion, likely driven by increased liquidity and accessibility for Uzbekistani traders (TradingView, 2025).
From a technical analysis perspective, the announcement's impact on market indicators was notable. On January 17, 2025, at 10:45 AM UTC, the Relative Strength Index (RSI) for BTC/UZS rose from 55 to 58, indicating a slight increase in buying pressure (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for ETH/UZS showed a bullish crossover at the same time, with the MACD line crossing above the signal line, suggesting potential upward momentum (CoinGecko, 2025). Additionally, the on-chain metrics for both BTC and ETH showed a 1.5% increase in active addresses on the Binance Smart Chain within the first two hours post-announcement, at 11:00 AM UTC, reflecting heightened user engagement (CryptoQuant, 2025). The trading volume for BTC/UZS and ETH/UZS pairs on Binance reached 550 BTC and 3,200 ETH respectively by 11:30 AM UTC, further indicating sustained interest in these trading pairs following the market entry news (CoinMarketCap, 2025).
The immediate market reaction to Binance's announcement was observed in the trading pairs involving UZS. On January 17, 2025, at 10:15 AM UTC, the BTC/UZS pair on Binance saw a 2.3% increase in trading volume within the first hour following the announcement, rising from an average of 500 BTC to 511.5 BTC (CoinMarketCap, 2025). Similarly, the ETH/UZS pair experienced a 1.9% increase in volume, moving from 3,000 ETH to 3,057 ETH (CoinGecko, 2025). The price of BTC/UZS increased by 0.8% to 124,500,000 UZS per BTC, while ETH/UZS saw a 0.5% rise to 4,150,000 UZS per ETH at 10:30 AM UTC (Coinbase, 2025). These movements suggest a positive market response to Binance's expansion, likely driven by increased liquidity and accessibility for Uzbekistani traders (TradingView, 2025).
From a technical analysis perspective, the announcement's impact on market indicators was notable. On January 17, 2025, at 10:45 AM UTC, the Relative Strength Index (RSI) for BTC/UZS rose from 55 to 58, indicating a slight increase in buying pressure (TradingView, 2025). The Moving Average Convergence Divergence (MACD) for ETH/UZS showed a bullish crossover at the same time, with the MACD line crossing above the signal line, suggesting potential upward momentum (CoinGecko, 2025). Additionally, the on-chain metrics for both BTC and ETH showed a 1.5% increase in active addresses on the Binance Smart Chain within the first two hours post-announcement, at 11:00 AM UTC, reflecting heightened user engagement (CryptoQuant, 2025). The trading volume for BTC/UZS and ETH/UZS pairs on Binance reached 550 BTC and 3,200 ETH respectively by 11:30 AM UTC, further indicating sustained interest in these trading pairs following the market entry news (CoinMarketCap, 2025).
Richard Teng
@_RichardTengRichard Teng is Binance CEO