Two days ago, Binance took to Twitter the announcement of the launch of its fiat-to-cryptocurrency exchange in Uganda, with the saying that they will now be able to do the KYC exercise and as well deposit and withdraw directly from their local currency, the Ugandan shilling, Starting from today being 17th day of October 2018.
Below is the proof of the announcement made by the Binance team on Twitter.
Get ready! We are excited to announce the launch of #Binance Uganda! Full sign-ups are now live at https://t.co/hzLBj9Dcrw, deposits and trading coming soon.https://t.co/kpqSVKulox pic.twitter.com/0jdE4cVspI
— BinanceUG (@BinanceUG) October 15, 2018
In an interview with the press, Wei Zhou, chief financial officer 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. 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.
Further details on the tweet above reveals that the firm will only support BTC and ETH trading from its local currency upon launch, hoping to add more trading pairs in the future. The team also made it clear to its Uganda clients that the are free from any trading charge during the first month of operation.
In conclusion, the Ugandan subsidiary is capable of processing 1.4 million transactions per second, with 24-hour client support.