Crypto Scams in Uzbekistan
Cryptocurrency fraud is growing rapidly in Uzbekistan as official crypto regulation develops and scammers exploit early adopter enthusiasm and knowledge gaps.
Part of: Crypto Scams
Last reviewed: 1 June 2026
Uzbekistan has taken steps to regulate cryptocurrency, creating licensed exchanges and defining a legal framework for digital assets. Paradoxically, this legitimisation has also fuelled a wave of fraudulent crypto schemes that use the official framework's existence to lend credibility to their pitches — claiming licensing that they do not possess.
Young, digitally engaged Uzbekistani residents who are genuinely interested in crypto as an asset class are the most commonly targeted demographic.
How this scam works on Uzbekistan
In Uzbekistan, crypto scams primarily operate through Telegram channels where purported trading experts share analysis and invite followers to invest through a specific platform. The platform displays growing balances but blocks all withdrawals pending fabricated compliance fees.
Token presales for fake 'Central Asia-focused' cryptocurrencies appeal to national and regional identity, claiming to solve real local problems — cross-border remittances, agricultural supply chains — without any real development team or functioning product.
Pig-butchering hybrids are also active, using the crypto investment angle to transition online relationships into financial extraction.
Common red flags
- Platform claims to be 'licensed in Uzbekistan' but cannot be verified on the MIFT or National Agency for Perspective Projects registry
- Telegram channel promotes extraordinary returns with no explanation of strategy
- Token presale with no white paper, audit, or verifiable team
- Withdrawal blocked pending compliance fees payable to the platform
- Pressure to invest before a time-limited opportunity expires
- Investment introduced through a social media relationship rather than a regulated channel
How to protect yourself
- Verify any crypto exchange's Uzbekistan licence with the National Agency for Perspective Projects
- Only use officially licensed Uzbek crypto exchanges for domestic transactions
- Treat all Telegram-channel investment recommendations as unverified until independently confirmed
- Never invest in a token presale without an independently audited white paper
- Withdraw a test amount before committing larger sums
How to report it
- Report to the National Agency for Perspective Projects if a fraudulent platform falsely claims Uzbek licensing
- File a complaint with the Ministry of Internal Affairs cybercrime unit
- Report fraudulent Telegram channels to Telegram
Frequently asked questions
How do I check whether a crypto exchange is legally licensed in Uzbekistan?
The National Agency for Perspective Projects publishes a list of licensed cryptocurrency entities. Check the official government website rather than relying on claims made by the platform itself.