Binance Will Launch Its First Crypto-Fiat Exchange in Uganda
The CEO of Binance, Changpeng Zhao, has recently told the media that the company would soon launch a new crypto-fiat exchange in Uganda. The new platform will be called Binance Uganda and it will support the Ugandan Shilling alongside with all the major cryptos.
This is a sign that Binance is not only looking at the most developed markets but also at the emergent ones. According to the CEO of the company, there is a lot of money to be made in more developed countries, but the company intends to distribute crypto all around the world, independently of how wealthy the country is.
He also stated that Uganda has been progressing fast in its economy and that the company has some interest in the African market. Also, Uganda’s population is not very well banked. Only 11% of the adult population has bank accounts in the country, which, according to Changpeng Zhao, is both a challenge and an opportunity.
The goal of the company is to be able to carve its place in the market because it can be easier for many people to use cryptos instead of creating bank accounts.
Binance Will Use Fiat Currency For The First Time Ever In Uganda
As you may know, Binance does not deal with the fiat currency up until now, only trading tokens. This is about to change and that is why the company is setting up many Know Your Customer (KYC) and Anti Money Laundering (AML) regulatory procedures before it can actually start this plan in the country.
Binance Uganda will act with its own independent structure, being a new platform. It will be identical but separate from the original Binance but use the same code, operations, systems and security protocols.
Getting Binance Ready For the Future
The CEO of Binance has also stated on the occasion that he is not concerned about the falling price of cryptos or the trading volumes (both on Binance and on the other crypto exchanges). According to him, this process is normal and the market will get up in no time, as “markets always overreact”.
To prepare for this bright future, Binance is already preparing protocols to trade up to 100 or 1000 times more in volume than it actually does at the present time. The company is also planning to launch new subsidiaries of the company in other undisclosed locations.