Binance, the world’s largest cryptocurrency exchange has launched a fiat-to-crypto exchange in Uganda that has already gone live.
Founder and CEO of Binance, Changpeng Zhao announced his plans for the exchange back in June and as per the press release, the new branch was set to start accepting withdrawals and deposits of Ugandan Shillings (UGX) as of Wednesday 17th. In a statement from Binance Uganda, the company announced that KYC procedures has been already underway.
At the time of launch, traders have got an opportunity to exchange Uganda’s national fiat currency with ETH and BTC, but other trading pairs will be introduced in due course.
Despite the Bank of Uganda issuing a warning to crypto investors about associated risks of the activity in March 2017, the Ugandan government has shown considerable interest in utilizing the blockchain technology for a variety of purposes.
CFO of Binance, Wei Zhou said that Uganda’s first fiat-to-crypto exchange will help to maintain sustainable economic stability in the continent adding that the company has other plans to “bring more innovations to the region”.
This is just one of Binance’s plans to open a number of similar exchanges in locations such as Lichtenstein. In August, Binance LCX announced plans to launch a fiat-to-crypto platform in the country, offering trading pairs between Swiss francs (CHF) and Euros against popular digital currency pairs. Then in September, Binance announced that it intended to start private beta testing of a fiat-to-crypto exchange in Singapore which will support the Singapore Dollar.
Binance, based in Malta is the biggest international crypto exchange in the world and offers 24/7 adjusted trading volume with almost $1.8 billion being traded each day according to CoinMarketCap.