Uzbekistan Warns Citizens to Be Wary of Unlicensed Crypto Exchanges

Uzbekistan has now published a list of crypto exchanges that are yet to be licensed, and has warned its residents to stay clear of such exchanges. Officials of the government agency that made the publication have warned that these trading platforms collect personal data and take no responsibility at all, for the crypto transactions.

Uzbekistani Authorities Blacklist Crypto Exchanges, Dub Them “Unofficial”

The President of Uzbekistan, through the National Agency of Project Management has now identified a good number of crypto exchange platforms going about providing crypto trading services without authorization. In a recent monitoring campaign on the internet, the agency saw an unbelievable increase in the activities of these “unofficial” digital asset exchanges.

What these platforms do is that they operate like ghosts. Having no physical office in the country, they offer Uzbekistani residents all crypto trading options including, buying and selling crypto, but have their servers located abroad and are usually registered in other countries. But while operating like this, the  exchange platforms still collect personal information from residents of the Central Asian republic, the agency noted in the website publication.

Uzbekistan Tells Citizens to Avoid Unlicensed Crypto Exchanges

So far, 6 crypto exchange websites belonging to this category, have been blacklisted already. They include; wmztashkent.com, webmoneytashkent.com, wm-torg.com, blockchainuz.com, bitcointashkent.com, and uzwmz.com. These dubious services are not only offered on websites however. Some offer the same shady services to unsuspecting residents, through Telegram bots and groups as well while remaining completely anonymous.

Officials have repeatedly stated that these kinds of platforms do not bear any legal responsibility for crypto transactions between various parties and thus cannot guarantee their intentions. In fact, the anonymous service providers can easily delete their accounts and cease to exist. Also in addition, the agency has said that it cannot vouch for the proper storage of personal data or preservation of confidentiality.