Fiat-to-Crypto Exchange from Binance’s Uganda Exchange Officially Opens for Live Trading
Binance has consistently been an innovator of the cryptocurrency world, and news of the new fiat-to-crypto exchange was only recently reported as their next move. As of October 24th, a post on Medium reveals that a launch in Uganda is finally active. The launch allows users to purchase Bitcoin and Ethereum with the use of Ugandan shillings (UGX).
In the post today, Binance explained why this type of exchange came to fruition, calling in the “first step” towards making the industry “more inclusive.” They also explained their decision to use Uganda for the exchange, saying, “A fiat-to-cryptocurrency exchange in Uganda presents great opportunities for the Binance community, and the broader blockchain ecosystem by extension. This country of 44 million people is a progressive nation when it comes to blockchain adoption, thanks to the strong support for the technology from its government and regulators. Key blockchain conferences, associations, and communities have flourished in this African nation, lighting the way for the continent to leverage blockchain technology.”
— BinanceUG (@BinanceUG) October 24, 2018
A few days ago, the company published an annoucement that said the clients of Uganda will not have to pay any fees on trading until November 24th. From that point, the users will only be subjected to a 0.1% trading fee. However, the new post on Medium doesn’t say anything about the lack of fee.
Along with the launch of the new platform, Binance has already been the recipient of a $500,000 donation to dedicate to Uganda through the Blockchain Charity Foundation. In the annoucement of this donation, Binance noted that the launch of this type of exchange is part of an effort to bring in blockchain development to African as a whole. The post noted, “We are in a unique position to help make a difference in Africa, given that Head of BCF, Helen Hai, is recognized for her work in the continent as a UNIDO Goodwill Ambassador for Industrialization in Africa.”
Binance’s plans to get involved with a fiat-crypto trading platform for Malta was announced in June, when they signed a Memorandum of Understanding with MSX PLC. MSX PLC is a fintech and digital asset subsidiary of the Malta Stock Exchange, which plans to launch its own security token digital exchange soon. Binance also decided to setup an office in Malta, after a warning from financial regulators in Japan.
Binance has also had success from supporters, as they receive an investment with a Temasek Holdings subsidiary, which will help with their launch of a crypto-fiat exchange in Singapore. This launch was originally announced to be in the works in September.