From October 17th Binance Uganda will start to accept deposits and withdrawals in Ugandan shillings as well.
Today Binance Uganda, the first fiat-crypto exchange launched by Binance, is launching the new Know Your Customer (KYC) procedures that allow the exchange to also implement fiat currency trading.
Binance Uganda is based on the technology developed by Binance, and is able to process 1.4 million transactions per second, with customer service available 24 hours a day, 7 days a week.
The exchange will initially only support Ugandan shilling (UGX) trading pairs with BTC and ETH, but new pairs will be added in the future. In addition, for the first month, users will not pay commissions on trading.
After Binance Uganda, the company also announced the launch of more fiat-crypto exchanges, in Liechtenstein, Malta and Singapore, and other parts of the world.
Wei Zhou, Binance CFO, 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”.
Africa is a potentially very fertile ground for the spread of cryptocurrencies and Uganda is one of the African countries of reference for the development and adoption of blockchain-based innovations.
The country hosts several conferences, associations and blockchain communities and can count on the support of the government and regulatory authorities.