Its now official, Crypto exchange Binance Uganda was launched for live trading on October 24. Said to be its first fiat-to-crypto exchange, allows its users to purchase two major cryptocurrencies: Ethereum (ETH) and Bitcoin (BTC) with the local fiat currency Ugandan shillings. The announcement was first made last week that the new platform will be launched this week.
By launching a fiat-to-crypto exchange in Uganda, great opportunities seem to open up for the Binance community in particular and the broader blockchain ecosystem in general. Uganda with a population of 44 million people is considered to be a progressive nation when it comes to the adoption of blockchain technology. This is due to the strong support that is extended by the Uganda government and its regulators for the said technology.
Crypto exchange Binance Uganda clients were to be provided with zero-fee trading until Nov 24, according to a previous announcement shared on October 22. It was stated that the exchange would be charging users with 0.1 percent trading fee after that period. However, as per the latest statement issued by the exchange, there was no mention of the zero-fee trading.
Apart from supporting Africa’s blockchain and cryptocurrency needs, Binance is also committed to bringing forth development to the larger population who may not be inclined to purchase Bitcoin. The exchange stated that the African continent is an important area of focus for its charity arm, Blockchain Charity Foundation (BCF). As per the recently released statement, the users’ main Binance account will be separate from the Binance Uganda account.
In order to withdraw funds from crypto exchange Binance Uganda, users will have to go through an ID verification process. Recently, Binance acquired an investment from Temasek Holdings, to support the upcoming launch of a crypto-fiat exchange in Singapore, as announced in September.