UzNEX

UzNEX was the first government-licensed cryptocurrency exchange in Uzbekistan and, at its launch, the only regulated crypto trading venue in Central Asia. Operated by South Korean blockchain firm KOBEA Group, it was granted Uzbekistan's inaugural crypto exchange license by the National Agency for Perspective Projects (NAPP) in December 2019 and officially opened to users in January 2020. The exchange was shut down in May 2026 after its parent company requested that NAPP cancel its operating license.

Background and Regulatory Context

KOBEA Group registered in Uzbekistan in January 2019 with an authorized capital of approximately $353,500 and positioned UzNEX as a compliant gateway for digital asset trading in a market where crypto activity had previously operated in a legal grey zone. The NAPP, Uzbekistan's government body for technology and innovation oversight, issued the original license and served as the ongoing regulatory authority throughout the exchange's life.

UzNEX's early years were constrained by Uzbek law, which initially barred local residents from trading crypto assets on domestic platforms. The exchange served primarily non-resident users until November 2021, when Uzbekistan extended trading rights to its own citizens. That regulatory shift materially expanded UzNEX's addressable market. In August 2022, NAPP further entrenched UzNEX's position by blocking international cryptocurrency exchanges from operating inside Uzbekistan, effectively granting UzNEX a de facto domestic monopoly on regulated crypto trading.

The exchange received a fresh operating license — No. CE#0003 — on February 22, 2024, reflecting an updated licensing framework introduced by NAPP. By 2024, UzNEX reported cumulative trading volume of approximately $1.38 billion, a figure that captured its growth from a niche non-resident venue into the dominant regulated crypto platform in the country.

How It Worked

UzNEX operated as a centralized spot exchange. Users registered and passed KYC and AML verification before gaining access to the trading interface. The platform distinguished itself from regional peers by accepting the Uzbek som (UZS) alongside US dollars and credit cards, making it the first exchange in Central Asia to offer fiat on-ramps denominated in the national currency. That local-currency integration was significant for Uzbek users who would otherwise have needed to convert funds through unofficial channels.

Trading pairs on the platform included BTC/USDT, ETH/USDT, BTC/USD, ETH/USD, and ETH/BTC. The exchange later added support for TON (The Open Network) as part of an expansion of its listed assets. UzNEX also ran a formal listing program for global crypto projects seeking regulated access to Central Asian retail investors, with listing criteria that required KYC/AML compliance and financial transparency from applicant projects.

Staking and Blockchain Partnerships

In 2021, UzNEX entered a partnership with Moonstake, a staking platform that had built one of the larger proof-of-stake staking networks in Asia. The collaboration was aimed at developing blockchain community programs, research initiatives, and educational events for the banking and finance sectors in Uzbekistan. Under the partnership, Moonstake was to provide staking technology consulting services to UzNEX and to financial institutions the exchange worked with across Southeast Asia and the Middle East.

Moonstake at that time supported staking for more than a dozen proof-of-stake protocols, including Solana (SOL), and UzNEX's relationship with Moonstake was the primary point of intersection between the exchange and the Solana ecosystem. No independent reporting confirmed that UzNEX listed SOL as a direct trading pair on its spot market.

Licensing, Security, and Compliance

As a NAPP-licensed exchange, UzNEX operated within Uzbekistan's formal regulatory framework throughout its existence. The KYC and AML requirements that governed user onboarding were set by NAPP and aligned with standards the regulator imposed on all licensed crypto businesses in the country. UzNEX also entered a partnership with Lockton, a global insurance broker, to support crypto asset adoption and add an insurance layer to its operations.

No third-party smart contract audits are relevant to UzNEX's model, as the platform was a custodial centralized exchange without publicly auditable on-chain contracts governing user funds.

KOBEA Group and Team

KOBEA Group, the South Korean parent company, described itself as a technology firm focused on blockchain solutions for the digital economy. The group positioned UzNEX as part of a broader ambition to build regulated digital asset infrastructure across emerging markets. KOBEA Group managed the exchange from Tashkent and engaged with Uzbek financial regulators and development agencies throughout the platform's operational period.

Shutdown

On May 25, 2026, NAPP issued Order No. 45, revoking UzNEX's operating license (CE#0003) at the request of KOBEA Group itself. The regulator did not cite regulatory violations; the shutdown was initiated by the company. NAPP established a refund process for affected users, with the exchange's website directing users to contact [email protected] or visit the company's office to recover their funds and crypto assets, with refunds expected to be processed within three to ten business days. At the time of writing, the UzNEX website displays a server maintenance notice and the support portal's SSL certificate is non-functional, consistent with a platform that has ceased active operations.

UzNEX's closure ended the period in which KOBEA Group held Uzbekistan's only regulated crypto exchange license. The Uzbek government's crypto regulatory framework remains active under NAPP, and other licensed entities continue to operate in the market.