30 Jun 2018 Arjun Agarwal
Binance Pioneers the Crypto Market in Uganda
Binance Exchange broke the news about Binance Uganda on Thursday, 28 June 2018.
Binance will accept the official country currency - the Ugandan Shilling and already allows users to register on the website, prior to its official trading launch. The precise date of the launch is to be confirmed soon.
All users benefit from a zero trading fees policy during the first month after the launch of trading. The platform has prepared a pleasant surprise for the first 20 000 new users, who will receive 0.5 BNB coins, the exchange’s own token.
With a limit of 10 000 BNB coins, the welcome gift is allocated on a first-come-first-served basis, once users successfully pass the identification verification based on the KYC requirements.
Uganda is one of the countries that marked a fast massive adoption of digital financial services, in particular, mobile payments. Changpeng Zhao, Binance’s CEO, stated that this is an exciting move for the company, as the country is an interesting market, where only 11% of the population has a bank account.
According to him, despite that this is both a challenge and an opportunity, it could be easier for Ugandans to accept crypto as a form of a currency, rather than the adoption of traditional banking.
Binance Exchange, founded in China and currently operating in Malta, is doing its best to expand further its operations and provide outstanding solutions to untapped markets.
Looking into the future, Binance has confirmed plans to develop and launch a decentralized crypto exchange where users and investors can trade coins in a P2P system without the need for a third-party custodian.
If their experimental launch in Uganda proves to be a success, there is a fantastic opportunity ahead of the exchange, considering the big size of the African market.