Binance’s First Crypto-Fiat Exchange in Uganda Goes Live
The world’s largest crypto exchange Binance has launched its fiat-to-crypto exchange in Uganda today, Oct. 24, according to an official announcement on Medium.
Binance Uganda, Binance’s first fiat-to-crypto exchange in Uganda, has officially launched live trading, enabling users to buy two major cryptocurrencies — Bitcoin (BTC) and Ethereum (ETH) — with local fiat currency Ugandan shillings (UGX).
The exchange had announced last week that Binance Uganda would open this week. Today’s statement reads that Binance Uganda is also a “first step” to the expansion of crypto exchange markets for a “more inclusive ecosystem that will involve fiat currencies.”
According to a previous announcement on Oct. 22, Binance Uganda clients are set to be provided with zero-fee trading until Nov. 24. After that period, Binance Uganda will charge users with 0.1 percent trading fee, the statement says. Today’s statement does not mention the zero-fee trading.
Following the announcement, Binance has also announced a recent donation of $500,000 for Uganda through its charity wing, Blockchain Charity Foundation (BCF). The statement says that the launch of the crypto-fiat exchange in the African country is part of the company’s intention to contribute to blockchain development in the country, as well as future plans to expand the technology across the African continent.
Binance is currently the top global crypto exchange according to trade volumes that now amount to around $684 million as of press time. The crypto exchange first announced plans to launch a fiat-to-crypto exchange in Uganda in June this year.
Also in June, Binance revealed plans to launch a fiat-crypto trading via an independent Malta-based exchange. Following the announcement, Binance signed a Memorandum of Understanding (MOU) with the Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC, to launch a new security token digital exchange.
Following a warning from Japanese financial regulators, Binance also revealed it will set up a subsidiary office at Malta, a country referred to as the “blockchain island.”
More recently, Binance acquired an investment from a subsidiary of Singapore-based governmental investment company Temasek Holdings to support the upcoming launch of a crypto-fiat exchange in Singapore, which was announced in September.
In early October, Binance CEO Changpeng Zhao announced that the company will give away all listings fees to charity, following users’ allegations about excessive fees for listing altcoins.