UzNEX loses operating license as Uzbekistan pulls the plug on crypto exchange

The agency's director signed the order withdrawing the license that had been issued to the foreign enterprise Kobea Group on 22 February 2024. The decision took effect on 25 May 2026.

NAPP has outlined several channels for clients seeking to recover their funds and crypto assets. Refund requests can be submitted by email at [email protected], and clients may also visit the UzNEX office in person between 09:00 and 18:00, or call +998 78 777-55-06. The agency expects the refund process to take between three and ten working days.

Should Kobea Group fail to honor its refund obligations, NAPP has advised users to contact the agency directly at [email protected].

 Background

Kobea Group was registered in Uzbekistan in January 2019 with a charter capital of UZS 4.23 billion. The South Korean company specializes in brokerage services for securities and commodity contracts, with Kobea Group Co. Ltd as its sole founder and Lee Chang-young as its director.

The company received its crypto exchange license in December 2019, and UzNEX launched the following month – at the time, the only cryptocurrency exchange operating in Central Asia.