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Uzbekistan warns users to stay away from unlicensed crypto exchanges

Recently, the Uzbekistan government made a list comprising of all the unauthorized exchanges operating in the country. These exchanges have been deemed unsafe for usage as they collect user data and don’t take responsibility for any user transaction. It is good to see that the Uzbekistan government warns users for their own goodwill. It’s not as if they have stopped these exchanges from operating yet, so this has been a wise step.

Uzbekistan’s step

The government has been working on finding out exchanges that have been operating without authorization. And as per the government, these platforms pose serious risks to the users. After finding out about these exchanges, they have made a list so everyone can be aware of it. All these exchanges have been working in the country without any office in the country. And all of these operations are based outside the country, with servers located outside as well. Even after all this, they collect personal information, which is considered to be the most significant negative of all.

Uzbekistan warns users to stay away from unlicensed crypto exchangess

Image Source: TheNextWeb

We should note that these steps are taken by the government to protect investors. The exchanges operating in any country should be authorized by the government and take full responsibility for transactions which is not happening in this case. Some of the exchanges also provided services through Telegram bots and channels, and in case of any problem, they delete the channels. All of this makes it incredibly important for users to be aware of what they are getting into if they use these platforms. From a user perspective, they are giving their personal info, and there belongs are also not secure.

What to do if you are using these exchnages?

Well, the first thing you need to do is to sell your holdings and withdraw the money. In case if you don’t want to do that, make an account in any popular authorized exchange like CEX.IO or Navoi and then transfer your holdings to them. These exchanges will be much more secure than the blacklisted ones, and you can rely on them. Yes, you never know which platform gets hacked, but at least there is a much lesser chance of that happening here.

What are your thoughts as the Uzbekistan government warns users to stay from unauthorized exchanges? And do you think it’s good that the authorities are creating awareness? Let us know in the comments below. Also, if you found our content informative, like and share it with your friends.

Also Read: Decentralized tokens and exchanges see rising volume amidst dodgy markets.



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