In a significant step forward for cryptocurrency exchanges, Binance – the highly trusted platform leading in daily trading volume – has secured approval from Uzbekistan’s National Agency of Perspective Projects (NAPP) to offer its services within the country. This means that Binance can now legally operate in Uzbekistan under a crypto exchange license number CE#0004, which was granted to COINPAY LLC. Users in Uzbekistan can access these services through the official website, COINPAY.uz.
Partnering with COINPAY LLC allows Binance users to easily transact with their national currency using local payment methods for deposits and withdrawals. This collaboration is expected to bolster Binance’s global influence in the cryptocurrency sector, particularly during this thriving bull market.
Achieving a deal with Uzbekistan’s regulatory body is a major achievement for Binance, demonstrating our commitment to collaborate closely with local governments to maintain regulatory compliance and foster a secure and progressive environment for digital currencies and blockchain technology on a global scale. We are thrilled about the prospect of continuing our operations in Uzbekistan and supporting the expansion and advancement of the cryptocurrency sector within the region, as stated by Kyrylo Khomyakov, Binance’s Regional Head for Central and Eastern Europe, Central Asia, and Africa.
Binance Growing Regulatory Landscape
Over the past few years, Binance has proactively pursued regulatory approval on a global scale, given the evolving nature of cryptocurrency regulations. This effort has led them to secure operating licenses in countries such as India, Brazil, France, Italy, Sweden, El Salvador, Kazakhstan, Thailand, Japan, New Zealand, and many more.
The recent approval in Uzbekistan will help Binance grow its market dominance.
As a crypto enthusiast, I’m excited to learn that the crypto market in Uzbekistan is anticipated to surge, reaching an impressive €33.29 million by 2028. This projected growth rate of 12% annually suggests a promising and steadily expanding landscape for my investments.
Market Implications on BNB
As a researcher studying the cryptocurrency market, I am closely monitoring the significant expansion of Binance (BNB) within a regulated environment. This progress could potentially shape the trajectory of BNB’s price in the ongoing 2025 bull run. With a fully diluted valuation nearing $105 billion and an average daily trading volume hovering around $1 billion, this large-cap altcoin has seen a 5% increase this week, currently trading at approximately $727 during the early hours of Friday, January 17, in New York.
The Binance platform encourages mainstream users to adopt BNB by offering frequent airdrops and fee discounts for trading. Additionally, the quarterly burning of BNB positions it favorably to surge past its recent prolonged consolidation period.
Furthermore, the surge in Bitcoin‘s price beyond $102k has sparked renewed optimism in the cryptocurrency market, with XRP and Dogecoin leading the charge. From a technical perspective, Binance Coin (BNB) is poised for a significant bullish surge towards a new record high. This anticipation is heightened following hints of price exploration in 2024 driven by institutional investors.
Here are the current details for XRP and Dogecoin:
– XRP: $3.24, 24h volatility: 0.6%, Market cap: $186.82 B, Volume 24h: $17.71 B
– Dogecoin: $0.41, 24h volatility: 9.7%, Market cap: $60.89 B, Volume 24h: $6.26 B
Fundamental Developments
The Binance ecosystem has flourished into a bustling web3 environment, where its BSC chain holds a staggering $5.8 billion in assets locked and boasts over $6.9 billion in the market capitalization of stablecoins. Within the past 24 hours alone, an impressive 1.15 million active addresses have been registered on the BSC chain.
Lately, the Bhutanese government has designated BNB as a component of their strategic reserves, which suggests an increasing mainstream interest in this cryptocurrency.
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2025-01-17 17:51