Binance Launches Its First Crypto-To-Fiat Exchange In Uganda

CEO of Binance, Changpeng Zhao (CZ) announced fiat-to crypto exchange launch in Uganda on Monday, October 15, 2018.

Binance Uganda

Binance posted the launch of Binance Uganda on their official blog.

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Fiat-to-crypto exchange Binance Uganda will accept deposits and withdrawals starting from October 17, 2018. The exchange will accept deposits and withdrawals of Ugandan Shillings (UGX) and has begun the Know-Your-Customer (KYC) process as well.

The team also clarifies that the new platform is not limited to residents of Uganda. Anyone can sign up to use the exchange using the usual KYC (Know Your Customer) procedures. The CEO CZ had discussed their plans to set up an exchange in Uganda in April 2018.

We are extremely proud to officially launch our first fiat-crypto exchange in Uganda,” said Wei Zhou, CFO at Binance. “We have been diligently preparing for this exchange with our local partners since our team first visited Uganda in April 2018. This is only the first step in our efforts to use blockchain technology to support sustainable economic development in Africa, and we look forward to bringing more innovations to the region.

This effort of Binance will help with the Ugandan economy and further solidify Binance’s foothold in Uganda. Uganda has over 44 million in population and with massive blockchain support and adoption from the government regulators. Moreover, the country has become home to key blockchain conferences and associations.

Binance has plans to set up fiat-to-crypto exchanges in Singapore, another crypto-friendly country in its efforts to go worldwide. Similarly, Binance has partnered with Liechtenstein Cryptoasset Exchange (LCX) to launch a similar platform in Liechtenstein to trade Swiss francs (CHF) and Euros (EUR).

Some more relevant news about Binance:

  1. Binance Labs with Other Three Joins Oasis Labs to Launch OASIS Startup Hub
  2. 100% of Binance’s Listing Fees Will Now go to Charity
  3. Binance Crypto Exchange Goes On Hiring Frenzy
  4. Cryptocurrency exchange Binance Launches Education Hub, Binance Academy

According to CoinMarketCap, Binance- world’s first crypto exchange by volume has $1.8 billion trades on the day. Signed-up on the Binance Uganda yet? If not, hurry up! Let’s discuss more on Twitter.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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