As a part of its expansion plans, Binance Uganda has announced that it is going to provide pairing options for the country’s fiat currency – Ugandan Shillings (UGX) with Bitcoin and Ethereum.
According to the official press release, Wei Zhou, CFO at Binance, said,
“We are extremely proud to officially launch our first fiat-crypto exchange in Uganda. We have been diligently preparing for this exchange with our local partners since our team first visited Uganda in April 2018.”
After the verification process, the exchange with start accepting deposits and withdrawals of Ugandan Shillings from October 17th. It seems that Binance is spreading its reach as much as possible before the next bull run. In September, the company had announced plans to launch a fiat to crypto exchange in Singapore. The popular exchange also has plans to open fiat-crypto exchanges in Malta and Liechtenstein.
In an interview with CoinTelegraph, Changpeng Zhao, the CEO and founder of Binance, had stressed they not only want to bring the benefit of blockchain to the developed countries but also reach the developing and underdeveloped countries. Zhao had stated that he wants to provide these countries with a platform that can help them thrive economically as well as globally.
As a part of this initiative, users will be exempt from the trading fees. In addition, the first 20,000 registrations users will be rewarded with 0.5 BNB.
Uganda has been at the forefront of cryptocurrency revolution in Africa with a number of blockchain conferences, associations and communities stemming from the country. In contrast, neighbouring Zambia has begun to clamp down on cryptocurrency-related businesses.