Binance, one of the largest cryptocurrency exchanges in the world, officially announced the launch of its first fiat crypto exchange called Binance Uganda.
The new exchange will use the code base, operating systems, and security of the original Binance platform, but at the same time it will operate as an independent structure.
Binance sees in the opening of the new exchange a global mission. Changpeng Zhao, the CEO and founder of Binance, believes that cryptocurrencies can become more widespread in the region than the traditional banking system and virtual assets can be used in all parts of the world.
He also stressed that the authorities and regulators in Uganda supported the development of the platform. “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,” Zhao said.
In the short term, the company plans to open platforms in two or three more regions. However, Zhao notes that that the exchange needs to resolve issues with customer identification and tocombat money laundering to expand the fiat offer.
Registrations for Binance Uganda is already open. The first 20 thousand users will receive as a reward 0.5 BNB, Binance coin.
"As appreciation for the ongoing support from our users, we will provide Binance Uganda users with a month of zero trading fees once trading comes online. The opening of trading will be announced at a later time," Binance said.
Earlier, it became known that Binance would join the MSX FinTech Accelerator Program, which supports fintech projects and crypto startups in Malta. For companies that seek an "easy access to a ready made solution at one of Malta’s most prestigious addresses – the Malta Stock Exchange” the program offers a range of services.
By Ekaterina Ulyanova