UzNEX

UzNEX was the first government-licensed cryptocurrency exchange in Uzbekistan and Central Asia. Operated by KOBEA Group, a South Korean technology company registered in January 2019, UzNEX launched in January 2020 under regulatory approval from the National Agency for Prospective Projects (NAPP), operating under the President of Uzbekistan. The exchange has since ceased operations: its license was formally revoked on 25 May 2026, at the company's own request.

Origins and Regulatory Framework

UzNEX entered a market that had only recently opened to regulated crypto activity. Uzbekistan approved cryptocurrency trading regulations in 2019, and KOBEA Group moved quickly to secure one of the first licenses issued under that framework. As of its 2021 public profile, UzNEX held the distinction of being the sole government-licensed crypto exchange operating in the entire Central Asian region.

The exchange was licensed and supervised by NAPP, the regulatory body responsible for overseeing digital asset trading in Uzbekistan. Compliance requirements included adherence to Financial Action Task Force (FATF) recommendations, real-name verified account registration (KYC), and cooperation with domestic banking partners to meet Uzbekistan's financial regulations.

What UzNEX Offered

UzNEX positioned itself as a regulated on-ramp for cryptocurrency in a frontier market. Among its distinguishing features was that it was the first exchange in Central Asia to prepare a trading environment using the Uzbek national currency (UZS), credit cards, and US dollars. The exchange offered spot trading across a focused set of pairs at launch: BTC/USDT, ETH/USDT, BTC/USD, ETH/USD, and ETH/BTC. The exchange also offered an asset management product aimed at inexperienced retail investors, allowing users to access professionally managed fund strategies through the platform.

Regulatory Restrictions and Early Challenges

UzNEX operated under tight regulatory constraints in its early years. As of 2021, Uzbek citizens were only permitted to sell cryptocurrency on the platform — purchasing was restricted to foreign nationals. Withdrawals to fiat currency were also prohibited under the regulatory framework then in effect, limiting the exchange's practical utility for domestic users.

These restrictions contributed to difficulties attracting an active trading base. A September 2021 industry report noted the exchange was struggling with low transaction volumes and had launched recruitment incentives — offering new clients three USDT upon registration — in an effort to build a user base.

Partnerships and Expansion Efforts

Despite the early challenges, UzNEX pursued partnerships to expand its service footprint. In June 2021, the exchange announced a partnership with Moonstake, a blockchain infrastructure company, to develop staking services and blockchain community programs. The collaboration targeted financial institutions and potential users in Southeast Asia and the Middle East.

By 2024, conditions appeared to have improved significantly. The exchange reportedly processed over one billion dollars in trading volume during that calendar year. The regulatory environment had also shifted: in 2024, UzNEX received a renewed license (No. CE#0003, dated 22 February 2024). In 2025, UzNEX launched a listing program targeting Web3 projects seeking to enter the Uzbekistan market, with Round 1 running from July 1 through December 31, 2025.

Shutdown

On 25 May 2026, the NAPP issued Order No. 45 revoking license No. CE#0003, effectively ending UzNEX's authorized operation. The revocation was granted on the basis of a formal request submitted by KOBEA Group itself, indicating a voluntary wind-down rather than a regulatory sanction.

Following the license cancellation, UzNEX announced that clients could request refunds of funds and crypto assets at [email protected], with refunds to be processed within three to ten business days. By the time of shutdown, the exchange's website displayed a notice indicating services had been "temporarily suspended due to server maintenance." UzNEX is no longer operational.