Binance announced back in June that it will launch a fiat-to-crypto exchange in Uganda. The platform officially opened the exchange today and started processing deposits and withdrawals of Ugandan Shillings. Binance Uganda is the first official fiat-crypto exchange launched by Binance.
“Get ready! We are excited to announce the launch of #Binance Uganda! Full sign-ups are now live at https://www.binance.co.ug/en, deposits, and trading coming soon.”- posted Binance on its official Twitter page.
The residents of Uganda will be able to trade Ugandan Shilling (UGX) pairs with Bitcoin and Ethereum. Binance also intends to add more trading pairs in the future. All users are also excused from paying trading fees for the first month and the exchange will be offering 24/7 customer support.
Wei Zhou, Binance’s CFO stated: “We are extremely proud to officially launch our first fiat-crypto exchange in Uganda,” continuing to add that “This is only the first step in our efforts to use blockchain technology to support sustainable economic development in Africa.”
Uganda, Kenya, and South Africa each have growing cryptocurrency communities and Uganda is already home to a lot of prominent blockchain conferences and this tech sector has received a strong support from its government and regulators.
Also, Binance sees an immense opportunity for development in Africa, a continent which rates the lowest in terms of access to banking and financial services.
Binance Plans to ‘Bank’ The Unbanked
Binance Labs director Benjamin Rameau explained in a recent post by explained that “In Sub-Saharan Africa, only 43% of people aged 15+ own a bank account versus a global average of 69%.” As the infrastructure is still under development, one can have great expectations regarding the country of 44 million in becoming a leading African nation in the cryptocurrency sector.
Binance also intends on launching crypto-fiat exchanges in Singapore, Liechtenstein, and Malta. Binance also has hinted that more exchange launches will come in various regions across the world.