Binance Launches First Fiat-to-Crypto Exchange in Uganda

The largest cryptocurrency exchange in the world, Binance, has a launched its first crypto-fiat pair in Uganda. According to a statement on Binance’s website, the exchange is expected to support the Ugandan fiat currency Shilling, and it has started accepting registrations from new customers ahead of the launch of the exchange. The launch marks latest steps by Binance to ensure that there is considerable expansion in cryptocurrency trading in the underbanked country.
As a regular practice during new exchange launch, Binance is providing their new users and customers with zero trading fees for a period of one month after the exchange launch which Binance noted: “will be announced at a later time.”  According to the announcement by Binance, the first 20,000 users to register on the exchange platform will be given a token of 0.5 Binance coins (BNB) for free. The distribution of the virtual currency will be on a first-come, first-serve basis, as a token of appreciation for their support.
Users can find out if they have won any rewards by simply accessing ‘Distribution History’ in the Account Center while logged into their accounts. In addition, users who wish to withdraw their tokens are required to complete identification and verification processes after the platform is launched.
Earlier in 2016, a study conducted by Financial Inclusion Insights (FII), showed that only 33% of people in Uganda were actively making use of their formal financial accounts. FII is a data collection organization that focuses on developments in the digital financial services sector. According to a news report from World Bank, more 50% of adults in Uganda population now have access to a financial account at a registered commercial institution.
Binance users in Uganda will enjoy an exchange that offers quick transactions and state-of-the-art storage facility for maximum security. Apart from these, the exchange will provide a 24-hour customer support system as well as a user-friendly interface. The arrival of Binance is positive news for the Ugandan Cryptocurrency market as crypto investors now have an exchange platform that would help manage their digital assets.
Binance had previously revealed its plans to launch a decentralized cryptocurrency exchange. The exchange is designed to enable investors to trade digital currencies in a peer-to-peer system which is driven by distributed exchange servers without the need for a third-party during these transactions. The Hong Kong-based exchange company also has announced plans for the launching of a fiat-crypto trading platform in Malta.

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