Binance to launch fiat crypto trading exchange in Uganda

The company makes its first attempt to expand in underbanked country

Binance to launch fiat crypto trading exchange in Uganda

The world’s largest digital currency exchange operator, Binance, is launching its first fiat crypto trading platform.

Based in Uganda, the new exchange will offer a fiat-crypto trading pair with the Uganda shilling and will charge zero trading fees for the first month after trading has gone live (Binance has yet to provide a clear timetable for the launch). In addition, the first 20,000 users to register with the service will receive 0.5 Binance Coins (BNB), as part of the promotion.

“Rewards will be issued within two days after the launch of the exchange,” Binance said in an announcement, published Thursday. “ID verification will be required in order to withdraw from Binance Uganda,” the company added.

Industry website Coindesk notes that the development marks Binance’s foray into underbanked markets. In its report on the news, the website cited a study by Financial Inclusion Insights, according to which, only 33% of Ugandans actively use their registered financial accounts in 2016.

Founded last year in China, Binance quickly rose to prominence, overtaking more established crypto exchange rivals. In July, 2017, the company raised $15 million in an initial coin offering (ICO), selling the BNB token. Binance moved its headquarters out of China before the government’s September decision to impose bans on ICOs and cryptocurrency trading. Now the Hong Kong-based company is the largest crypto exchange operator by trading volume. According to data from cryptocurrency tracker Coinmarketcap, Binance has processed just over $1 billion worth of digital currency trades over the past 24 hours.

In today’s trading the BNB price stood at $13.97, as of 16:58 BST. The virtual token has lost just over 4% of its value in the past 24 hours. With total market cap of $1.59 billion, BNB is the 15th largest digital coin on the market, Coinmarketcap data shows.

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