Binance Uganda officially announced that they would open up trading by accepting deposits and withdrawals on October 17, 2018. While Binance plans to launch other fiat-crypto exchanges in Singapore, Malta, and Lichtenstein, they are keen to help the African economies grow and prosper. The Binance Executive team see a lot of growth potential for Uganda and their neighboring African countries.
Binance Uganda notes that exchange has already begun its Know-your-customer (KYC) procedures.
Wei Zhou, the CFO of Binance stated,
“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.”
Binance Keen to Transform Uganda’s Economy
While the land-locked East African country may not be a country of choice for many cryptocurrency exchange founders, Changepeng Zhao, the CEO and founder of Binance, sees great potential in Uganda’s people and economy.
Earlier this year, in April 2018, Zhao visited the Ugandan President, worked with the local blockchain community, and even partnered with Crypto Savanna, a Ugandan blockchain startup. As seen in his Tweet, Binance is keen to become apart of Uganda’s economic transformation by providing investment opportunities and bringing in jobs for the Ugandan youth.
The Blockchain Association of Uganda quoted Zhao as he mentioned that:
“Binance is tailor-making partnerships according to the environment. We want to understand the landscape and grow our understanding of the market.”
The situation in Africa is characterized by an extremely low level of bank adoption – and this fact may work in favor of the crypto sphere development in the region.
In August, Binance LCX — a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX) — had announced plans to launch a fiat-to-crypto platform in Liechtenstein and offer to trade between Swiss francs (CHF) and euros (EUR) against major digital currencies pairs. However, the exact date of the launch was not revealed.
Later in September, Binance had stated it will soon start private beta testing of a fiat-to-crypto exchange in Singapore, which will presumably support the Singapore dollar.
According to Coin market cap,Binance is the largest international crypto exchange by 24-hour adjusted trading volume, seeing almost $1.8 billion in trades.