Binance Uganda is Live as First Fiat-Crypto Trading Exchange Platform in Country
Binance has recently announced the release of the new platform of the company, Binance Uganda Exchange. This exchange will see the most popular Binance services now in the African country. Deposits of Ugandan Shillings (UGX), BTC and ETH will be starting from October 17, 10 am EAT (Uganda Time).
The first trading pairs to be opened will be BTC/UGX and ETH/UGX since these are the most popular tokens. More trading pairs will be added soon, but there is no timeline for the launch at the moment. The exchange will, just like the original Binance, use Know Your Customer (KYC) procedures to let people use its services.
This is part of a larger effort from Binance to open several exchanges around the world, which will help the company in its expansion. Africa, as it has a large number of unbanked people, is a valuable area for the growth of crypto exchanges, so the company decided to open the exchange to help in the economy of the country and to solidify its position there.
As part of this effort, Binance has vowed to start fiat to crypto exchange in Singapore, a strong crypto market, using the local currency. Recently, the company has also made a partnership with Liechtenstein Cryptoasset Exchange (LCX) to launch a similar platform in Liechtenstein to trade Swiss francs (CHF) and Euros (EUR), as well as cryptos.
Get ready! We are excited to announce the launch of #Binance Uganda! Full sign-ups are now live at https://t.co/hzLBj9Dcrw, deposits and trading coming soon.https://t.co/kpqSVKulox pic.twitter.com/0jdE4cVspI
— BinanceUG (@BinanceUG) October 15, 2018