Binance To Open Crypto Exchange in Uganda This Week

The numero uno crypto currency exchange based on average daily traded volume, Binance, has revealed that it will unveil a fiat-to-crypto exchange in Uganda this week. Notably, in June, Changpeng Zhao (CZ), CEO and founder of Binance, had announced that Binance is planning to establish crypto-fiat exchange in Uganda.

According to the press release made by Binance Uganda, the new exchange will officially begin accepting deposits and withdrawals of Ugandan shillings (UGX) Wednesday, October 17. Binance Uganda has pointed out that exchange has already started implementing its know-your-customer (KYC) compliance process.

In a related press release, the exchange has stated that only Uganda’s national fiat will be paired with Bitcoin (BTC) and Ethereum (ETH) as of now, but more pairs will be added soon.

Ironically, in March 2017, the Bank of Uganda had warned investors about cryptocurrency risks. However, the Uganda government has shown interest in implementing blockchain technology.

Binance’s CFO Wei Zhou is of the opinion that the Ugandan crypto exchange will assist in maintaining continuous economic balance in Africa. The exchange is also planning to drive “more innovations to the region.”

Binance also intends to open several fiat-to-crypto exchanges across the globe.

Earlier in August, Binance LCX, which is an outcome of joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX), had stated that it intends to open a fiat-to-crypto platform in Liechtenstein and list cryptos paired with Swiss francs (CHF) and euros (EUR) for trading. Binance is yet to announce the exact date of launch.

Last month, Binance had announced that it will soon begin beta (testing) phase of a crypto exchange in Singapore. The exchange is anticipated to support the Singapore dollar.