Cryptocurrency Exchange Binance To Launch First Crypto-Fiat Exchange In Uganda

News | June 29, 2018 By:

Binance, the world’s largest cryptocurrency exchange by market capitalization, will be launching its first fiat crypto exchange in Uganda.

The new platform, Binance Uganda, will support the Ugandan Shilling, alongside major cryptocurrencies. The first 20,000 users to register with the service will receive 0.5 binance coins (BNB) as “appreciation” for their support.” Rewards are limited to 10,000 BNB, and will be distributed on a first come first served basis. Binance Uganda will also provide users with a month of zero trading fees once trading comes online, though the exchange declined to state when that would be.

In an interview with Cointelegraph, Changpeng Zhao, founder and CEO of Binance, said that they are currently working with the government for the company’s  Uganda venture.

“Uganda [is a] really interesting situation, only 11 percent of the population has bank accounts,” said Zhao. “It’s both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption. It’s an interesting experiment – Africa’s a big market, that’s why we’re there. We think that crypto has a very strong use case in less developed countries… there’s more money to be made in a more developed country, but we want to distribute crypto to the rest of the world.”

Zhao added that Binance Uganda will run as an independent exchange to the mother company, but it will utilize the same regulatory framework, operations, security and system.

Originally based in China, Binance was forced out due to the country’s crypto regulation. It now has offices in Hong Kong and Japan, and is planning to open another in Malta, an island nation located in the Central Mediterranean Sea.