The world’s largest cryptocurrency exchange has just revealed that its first fiat-to-crypto exchange will open in Uganda this week, the company reveals Monday, Oct. 15. Binance Uganda will also begin standard Know Your Customer (KYC) procedures.
The exchange will initially support trading Ugandan Shillings (UGX) with Bitcoin (BTC) and Ethereum (ETH), with more trading pairs to be added. Users are exempt from trading fees during the first month.
Binance announced the launch of Binance Uganda four months ago, in June 2018. As promised, Binance Uganda users, during the first month of trading, will have zero trading fees.
As per Binance Uganda’s press release, the new branch will officially start accepting deposits and withdrawals of Ugandan shillings (UGX) Wednesday, Oct. 17. Binance Uganda notes that exchange has already begun its know-your-customer (KYC) procedures.
“We are extremely proud to officially launch our first fiat-crypto exchange in Uganda,” said Wei Zhou, CFO at Binance. “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.”
The team also wishes to clarify that the new platform is not limited to residents of Uganda. Anyone can sign up to use the exchange using the usual KYC (Know Your Customer) procedures.