June 28, Zhao Changpeng,better known as ‘CZ’, the CEO and founder of Binance disclosed that, the world’s largest digital currency exchanges is about to launch its first fiat crypto exchange: Binance Uganda. So far, there are 24 crypto exchange in the world to provide fiat-crypto trading service.
According to the official announcement, Binance Uganda supports the Ugandan Shilling-crypto trading, the first 20,000 users to register with the service will receive 0.5 binance coins (BNB) as “appreciation” for their support. Zero trading fees will be charged by the exchange for the first month after it comes online though the actual launching date is still unknown.
After Malta, Bermuda, Uganda becomes the next milestone for the expansion of Binance. As we all know, this exchange continues to expand at an unprecedented rate.
“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,”
He emphasized that, Binance is about to expand their business in the African market. He indicated that, work on the Binance Uganda has been “progressing really fast” due to the support from local government.
“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. Uganda is a really interesting situation, only 11 percent of the population has bank accounts. 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.”
As a developing country in Africa, with poorly developed economies and urban infrastructure, the Ugandan government is willing to use blockchain technology to provide seamless services to the general public and being a positive endorser of the crypto movement.
CZ further added that, due to this is the first time for Binance to touch fiat, the exchange has tried to figure out know your customer (KYC) and anti-money laundering (AML) regulatory questions before it can scale further.